Stakeholders, organizations, and other involved parties appear to be initially pleased with the first presentation regarding the tax reform study in Cyprus.

The presentation took place on Friday, 29th September, at the Ministry of Finance. Interested parties were briefed by the Economic Research Center of the University of Cyprus about the much-anticipated tax reform. During the presentation, attendees were informed about the objectives of the tax reform study conducted by the center, the aspects that it will cover, as well as the various phases and milestones leading up to the completion of the study.

The comprehensive study, which began in September 2023, is expected to be completed by the end of August 2025 and will encompass 15 phases. Notably, according to the set milestones, the Economic Research Center will periodically provide partial evaluations and findings before the final report.

Furthermore, the first reform to be finalized by the center will pertain to green taxation. The impact report for this is anticipated to be concluded by 30th November 2023.

This multifaceted project is set to wrap up in 24 months, with the initial recommendations regarding green measures and compensations projected to be available in 2 months.

To recall, the last tax reform in Cyprus was in 2002. This highlights the challenges of the current project. Therefore, the Economic Research Center seeks assistance from the Tax Department and input from various organizations regarding Cyprus' tax model. Suggestions related to the tax reform can be emailed to [email protected].

Additionally, the advisory committee of the project will also arrange bilateral meetings with organizations and bodies to exchange views.

The advisory committee, entrusted with suggesting changes for the tax reshaping, comprises 12 individuals:

1. Giorgos Pantelis - Director-General of the Ministry of Finance.

2. Sotiris Markidis - Tax Commissioner.

3. Nagia Symeonidou - Senior VAT Officer.

4. Klelia Papadopoulou - Chief Tax Officer.

5. Elena Andreou - Director of the Economic Research Center and Economics Professor at the University of Cyprus.

6. Giorgos Syrichas - Economist.

7. Fanis Mamouneas - Economics Department Professor at the University of Cyprus.

8. Panagiota Lysiotou - Associate Professor, Department of Economics, University of Cyprus.

9. Marios Andreou - Tax Expert.

10. Kostas Markidis - Tax Expert.

11. Rena Makri - Control Officer A’, Coordinator of the Advisory Committee.

12. Maria Grigoriou - Legal and Tax Consultant.