As stated the Minister of Finance Konstantinos Petridis in his recent interview to Politis, the Cyprus authorities are prepared to proceed with the tax reform – the first one since 2002 – which is aimed to simplify and modernize the current tax system.
The reform will focus on creating tax incentives to promote the ‘green’ economy and combat environmental pollution. The reform is also expected to include, among other things, the introduction of tax compensatory measures for companies and the public subsequent to the increase in contributions to social insurance and healthcare and the implementation of environmental initiatives.
The need for an overhaul of the existing tax model is emphasized not only with the view of general changes in the international market, but also due to the evolution of taxation in such areas as multinational companies, the ‘green’ economy and the environment, the fight against aggressive tax planning, technology and digital taxation.
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