Finance Minister Makis Keravnos appeared hopeful about the implementation of the tax reform, following consultations he had with the political parties in Nicosia.
In press statements after the Monday, 15 September meeting, the Minister said that there should be a convergence of all opinions from all social partners and political parties, adding that during the meeting, "some very good and positive opinions" were tabled. The Finance Minister also expressed readiness and willingness to continue this dialogue but stick to the timetables.
Keravnos said that the tax reform will provide relief for taxpayers, employees, the lower classes, small and medium-sized enterprises and will strengthen the competitiveness and resilience of the Cyprus economy.
Replying to a question whether the 1 January, 2026 milestone for the tax reform is realistic, the Minister replied that the effort is indeed to meet this milestone. Keravnos also noted that the government wishes to significantly increase the threshold that has been set to benefit large families as a result of the tax reform.
The Finance Minister also said that a proposal was also tabled for tax deductions for those who insure their homes and holiday houses, adding that this approach was also adopted by the government.
The Minister, moreover, said that the government never intended to give the Tax Commissioner arbitrary competence and this was clarified during Monday's meeting.
(Source: CNA)
Also read: The importance of getting the tax reform back on track
