CYPRadar 🇨🇾💰 Audit reveals shortcomings and delays in Cyprus Tax Department risk assessments and controls
The Cyprus Audit Office has published a Special Report highlighting deficiencies and delays in the Tax Department's risk assessment and tax control procedures. Despite encouraging results from the newly established Cyprus VAT Audit Unit (PAME), the report found that some tax risk indicators were not sufficiently evaluated or investigated, and inconsistencies and delays in audit completions were evident. The General Auditor emphasized that effective tax collection is not only crucial for public revenue but also for ensuring fairness and trust in the system.
The report focused on audits conducted in Limassol, including large taxpayers and VAT cases. While PAME conducted 175 audits in 2024, resulting in about €10 million in tax assessments, this represented only 5% of total audits but yielded 33% of total VAT assessments, showcasing the unit's significant impact. However, issues such as lack of annual audit plans, unclear criteria for case selection, and interference from other duties were noted, limiting its full effectiveness.
Recommendations include reorganizing VAT audit procedures, implementing risk-based annual audit programs, enhancing inter-agency data exchange, and investigating cases with inaccurate declarations promptly. Strengthening these processes is deemed essential to safeguard public revenues and improve the overall tax compliance framework in Cyprus.
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