The position that tax reform is a broader economic undertaking and not a narrowly technical exercise was expressed by Marios Andreou, Tax Expert and member of the Cyprus Tax Reform Project Advisory Committee.
Speaking at the 9th Cyprus International Tax Conference – Cyprus Tax Reform 2026: Implementation, Impact & Positioning in a Changing Global Tax Landscape, Andreou underlined that tax policy is designed with clear objectives by the Government and the Ministry of Finance, within the framework of a project assigned to the University of Cyprus and implemented with the participation of a team of experts, including representatives of the tax and consulting community.
As he mentioned, a critical element of the process was the extensive consultation with more than 40 bodies and stakeholders, including professional organisations, employer associations, the technology sector, shipping, banking and insurance, as well as representatives of families and government agencies. This approach allowed the team to understand how tax regulations really affect the behavior of the economy and the decisions of businesses and citizens.
He made particular reference to the importance of the right incentives, citing the green transition and the installation of photovoltaic systems as examples. As he explained, tax incentives alone are often not enough, as financial constraints and credit risk play a decisive role in the final decisions, something which necessitates a more holistic policy approach.
Andreou finally noted that, although the existing tax system has functioned effectively for years, distortions and failures have arisen that require correction. In this context, he highlighted the value of institutional tools such as white papers and regular reviews, referring to practices in countries such as the United Kingdom, the United States and India, where tax planning is constantly adapting to changes in the economy and business models.
(Source: InBusinessNews)
