Operators from Cyprus Entangled in Tax Net

Inland Revenue Department gets info about industry whose estimated worth amounts to Euro 2.5 billion

Based on recent reports from Cyprus, the online gambling operators who intend to set a base in Cyprus should really reconsider the decision as the local police investigators on October 25 reportedly handed over information on internet gaming companies to the Inland Revenue Department, striking another blow to operators based in Cyprus, in addition to the government’s plans to introduce a ban on online gambling, whose estimated value in the Mediterranean country is about EUR 2.5 billion

As was assessed by the police spokesman Michalis Katsounotos, the police investigation now enables IRD to check whether the income declarations of proprietors of online gambling companies are true. “We will continue and will intensify our actions either through campaigns in all districts or additional measures in a bid to stamp out the phenomenon,” Katsounotos said.

The tax department has been criticized for inefficiency that has enabled "many people" to get away with tax evasion, especially in the gambling business.

At the moment, the country is waiting for the European Commission to approval the proposed legislation designed to ban internet gambling.

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