Online Casino Transfer: News - Tax Inquiries in Cyprus

08/01/2010		Online Casino Style: News Tax Inquiries in Cyprus
Home History Games News Dictionary		The alarming news originating from online gambling island Cyprus continues this week, with an additional update forewarning for the internet casino companies that call the Mediterranean island home. According to the Cyprus Mail, as well as other news sources on the island, the companies should prepare for the probability that their tax statuses may change, and certainly not in their favor. A series of investigations have already been launched, confirmed the director for the Inland Revenue Department, as they would be looking more closely at the tax inspections made on internet gambling companies. Any defaulters found would be promptly dealt with, as the tax men cleaned house. Georgios Poufos, the director, did not directly respond to accusations that a target list of 34 ‘godfather’ companies were being targeted by his office. Apparently, the concerns about taxation as it relates to online gambling on the island of Cyprus stemmed from an unconfirmed rumor that a growing population of residents made their living off winnings, establishing income that was not currently being taxed by the IRD. The rumor was published through the local magazine, Phileleftheros, which claimed that at least 34 of those people were well known to police, and ignored for their roles in propagating illegal gambling. “Anyone who fails to submit a tax-return when required is classified as delinquent, and therefore liable to penalties ranging from overdue interest to fines and criminal charges, depending on the specific details of each case. For some time now, we have intensified our inspections of the whole tax base, so it would be wrong to focus on just one small part in isolation, Poufos said, adding: We are bound by confidentiality on the details of our work.”

08/01/2010

Online Casino Style: News
Tax Inquiries in Cyprus

The alarming news originating from online gambling island Cyprus continues this week, with an additional update forewarning for the internet casino companies that call the Mediterranean island home. According to the Cyprus Mail, as well as other news sources on the island, the companies should prepare for the probability that their tax statuses may change, and certainly not in their favor.

A series of investigations have already been launched, confirmed the director for the Inland Revenue Department, as they would be looking more closely at the tax inspections made on internet gambling companies. Any defaulters found would be promptly dealt with, as the tax men cleaned house. Georgios Poufos, the director, did not directly respond to accusations that a target list of 34 ‘godfather’ companies were being targeted by his office.

Apparently, the concerns about taxation as it relates to online gambling on the island of Cyprus stemmed from an unconfirmed rumor that a growing population of residents made their living off winnings, establishing income that was not currently being taxed by the IRD. The rumor was published through the local magazine, Phileleftheros, which claimed that at least 34 of those people were well known to police, and ignored for their roles in propagating illegal gambling.

“Anyone who fails to submit a tax-return when required is classified as delinquent, and therefore liable to penalties ranging from overdue interest to fines and criminal charges, depending on the specific details of each case. For some time now, we have intensified our inspections of the whole tax base, so it would be wrong to focus on just one small part in isolation, Poufos said, adding: We are bound by confidentiality on the details of our work.”