With the deadlines long expired and the saga of amending the Value Added Tax Law to apply the reduced rate of 5% to specific residential square meters dragging on, Finance Minister Makis Keravnos sounds the alarm, emphasizing the palpable risk of Cyprus being taken to the European Court and fined. In his recent response letter dated June 6, 2023, the Finance Minister explains that in such a scenario, the European Union could potentially claim the entire amount of its own resources, increased with overdue interest resulting from the reduction of own resources, according to Article 12 of Council Regulation (EU, Euratom) No 609/2014.
Source: knews.kathimerini.com.cy
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