The Cypriot Minister of Finance, Makis Keravnos.
The Cypriot government will present its blueprint for a tax reform in early 2025, Finance Minister Makis Keravnos announced.
Speaking at an open discussion event organized by the GRM Professional Training Center in Limassol, themed “The Upcoming Tax Reform in Cyprus: Purpose, Guidelines and Timelines,” the minister said Nicosia will then issue updates on the project’s progress, present the results of each phase completed so far and introduce the preliminary tax framework.
Keravnos highlighted that 22 years have passed since the last tax reform. “It is a political decision to sustain the momentum of our economy by maintaining fiscal discipline, pursuing balanced development policies, enriching our economic model, and implementing structural changes,” he stated, noting that the reform could yield significant benefits, enhancing the country’s sustainability and competitiveness.
“This reform aims to make the tax system fairer, more efficient, and more competitive while strengthening the trust of citizens and businesses in the state,” he added.
He underscored that tax policy is essential to adapt to global economic changes and bolster Cyprus’ position as an attractive investment destination.