The Economics Research Centre at the University of Cyprus has unveiled a major tax reform proposal aimed at modernizing the country’s tax system. This plan, presented to key stakeholders, business associations, and professional bodies, is set to bring significant changes to tax regulations.

Currently under review by the Ministry of Finance, the proposal will be assessed before moving to the Council of Ministers for approval. Once endorsed, the House of Representatives (HoR) will further evaluate the draft bills, with the Finance Committee conducting a detailed assessment before they proceed to the plenary for voting.

If approved, the new tax laws will take effect in 2025, with full implementation by 2026. These changes aim to streamline compliance, enhance efficiency, and align Cyprus’s tax policies with international standards.
How Will This Impact Your Business?

As tax regulations evolve, staying informed is crucial for financial planning and compliance. Be prepared for upcoming changes that may affect corporate tax, VAT, and individual tax obligations.

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