The Plenary Session of the Cypriot Parliament has passed a bill aimed at strengthening the framework for combating corporate tax evasion, increasing corporate transparency, and enhancing public oversight.

The legislation introduces measures equivalent to those in other EU member states, offering guarantees to protect investors and creditors. Additionally, it seeks to boost civil society participation in monitoring business activities while improving information available to employees.

The bill aligns national law with a European directive requiring the disclosure of corporate income tax data.

During discussions in the Energy Committee, officials emphasized the urgency of incorporating the directive into national legislation, as EU member states were required to adopt its provisions by June 22, 2023.

On May 23, 2024, the European Commission issued a reasoned opinion to the Republic of Cyprus for delaying compliance with the directive. The bill was subsequently submitted to Parliament on July 4, 2024, following the missed deadline.