Retailers will be obliged to issue a receipt for all sales or face a 20% fine on the transaction under a new law that comes into effect on January 16, 2012. The law, part of a raft of measures aimed at combating tax evasion, could lead to a fine of €1700 and/or prison of up to three years for offenders.
Cyprus Chamber of Commerce and Industry deputy general secretary Marios Tsiakkis said that the law placed the obligation on the retail seller to issue receipts. Buyers will not be obliged to hold on to the receip

Cyprus Weekly