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Cyprus To Net Tax From French Tax Info

by Lorys Charalambous, Lowtax.net, Cyprus
13 January, 2016

Cyprus's Finance Minister told local media recently that Cyprus had identified EUR35m (USD38m) in unpaid tax on 88 account holders whose names were included in data provided by French authorities.

The names were featured on the so-called "Lagarde List," which was initially shared with Greek officials by the former French Finance Minister Christine Lagarde in 2010.

Cypriot media reported that at the session of the Parliamentary Committees of Public Expenditure Control and Ethics on January 12, Harris Georgiades said that the amounts related to the 2003 tax year and covered 85 accounts. The figure is expected to grow, he said, and none of this tax has been collected so far.

He said, Cypriot authorities have determined tax dues for 85 of the 490 companies or individuals with links to Cyprus that featured on the list.

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