Proposed Tax Reform – Cyprus

The Economics Research Centre at the University of Cyprus has presented a comprehensive taxreform proposal to the public. This proposal is the first of its kind since 2002 that engages in aseries of changes that aims the support of the core of the economy being the middle class andthe international business sector.

The proposal will be reviewed by the Ministry of Finance before being submitted to the Councilof Ministers for approval. Once endorsed, the draft legislation will be introduced to theParliament, where the Finance Committee will evaluate it prior to its presentation to members for voting. The proposed changes are expected to take effect from the 2025 tax year, with fullimplementation anticipated in 2026.

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