Cyprus to Proceed with Tax Reform Project

On September 29, 2023, Cyprus Minister of Finance Mr Makis Keravnos announced the tax reform project of Cyprus, the “Integrated Tax Transformation Project”.

In his speech, the Minister emphasized that the provisions of a tax system are decisive for the development of the economy and its sustainability, through the transparent and fairer distribution of the tax burden.”

He noted that “Tax Reform is a constant demand of most professional organisations, employers’ and trade unions, as well as other organised organisations in recent years. The intention of the Government is the modernised framework, to weigh the modern economic model and its evolutionary perspectives, while at the same time being transparent, simplified and governed by the minimum possible bureaucracy.”

The Economic Research Center of the University of Cyprus (CypERC) has been chosen as the responsible body for the project which is expected to be finalised by September 2025.

Agencies and organisations have been encouraged and called to send their suggestions, that would add value to the reform project.

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