Cyprus hopes to raise 400 mln euros from backtaxes

The government hopes to raise over 400 mln euros from back taxes, Finance Minister Kikis Kazamias said on Saturday, of which 167.5 mln are due from last year, 165 mln from the past 2-5 years and the remaining 90 mln date back six or more years.
He also said that the state has sued people to collect taxes, adding that in some cases properties have been seized and in other cases people are paying their arrears by instalment.
The Minister said there is room for improvement in the Income Tax department as far as tax collection is concerned, noting that the department must become fully computerized to help this effort.
“In 2003, about 40% of people paid their taxes and in 2010 more than 80% did so,” he said.