Popular Bank gets support from State

The House of Representatives late last night approved legislation providing for state support to the island’s second largest lender. The item was passed with 43 votes for, none against, and three abstentions.

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Popular Bank seeking state aid

THE Popular Bank said yesterday it was in talks with the finance ministry and the Central Bank about state guarantees to raise fresh capital after being battered by the Greek debt write-down.

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15 firms to bid for gas drilling rights off Cyprus

Major oil and gas companies such as Russia’s Novatec, Italy’s ENI, France’s Total, and Malaysia’s Petronas are among 15 firms and consortiums that are seeking to carry out exploratory drilling for gas deposits off southern Cyprus, the island’s commerce minister said Friday, despite Turkey’s strong objections.

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By Stefanos Evripidou

THE INLAND Revenue Department (IRD) is slowly but surely taking Cyprus’ tax collection into the 21st century with the launch of a “radical” online payment service for unpaid taxes.

IRD head Giorgos Poufos yesterday announced a scheme now open to the public whereby taxpayers can pay owed taxes using their credit cards through the JCC Smart online service.

“This service meets the goals of the IRD to better serve the public, reduce inconvenience and cut administrative costs, said Poufos, adding, “it is a pilot programme in its early stages which can be developed further to cover other possibilities”.

The system of paying taxes using credit cards was launched on November 21. However, Poufos pointed out that at it is early days yet, and taxpayers can only pay taxes owed up to €1,000 that are paid before the deadline date.

The chief taxman highlighted this was just the first stage in a process that would see the full gamut of government tax collection services available online.

“It is one step before e-government and the collection of all taxes electronically, regardless of year, penalties, interest or not paying on time,” said Poufos.

According to a finance ministry source, one of the reasons for putting a €1,000 cap on online tax payments is to allow the ministry time to develop the service and test its security before allowing larger sums to be paid.

Poufos said the IRD’s mission was to apply tax laws in an impartial and consistent manner and collect state revenue efficiently and effectively.

“Within this context and the framework of the Lisbon Strategy and Europe 2020 on improving the regulatory framework for better governance, the IRD has progressed with radical changes to the method of collecting unpaid taxes,” he said.

The taxes that can now be paid online, providing they are under €1,000, include various forms of income tax and defence contribution, the specifics of which can be found on the relevant website.

For those wishing to square with the taxman and settle their debts online, go to www.jccsmart.com and click on the IRD logo which produces a list of all government bills that can be paid online.