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George Panteli: Tax reform will bring about development and sustainability

Tax reform in Cyprus will contribute to strategy formulation, economic growth and sustainability, the state declares, and that tax transparency and the fight against fraud remain high on the government's agenda.

In a presentation by the Permanent Secretary of the Ministry of Finance, George Panteli, at the 7th Cyprus International Tax Conference, industry professionals were informed about the government's priorities in terms of taxation and the goals it has set in the above direction.

As Panteli said, international negative developments create an environment with challenges and how these have an influence on the economy and citizens.

An answer is the government's long-term economic strategy, which also focuses on creating a competitive, business-friendly environment, he stressed.

Panteli added that "for the tax reform to be considered successful, we need to strengthen the economy and sustainability." On this, he commented that economic and environmental parameters should be taken into account.

At this point in his address, the Permanent Secretary focused on the need to promote entrepreneurship.

He also referred to corporate taxation, characterising the important part of the system that affects decision-making and future production.

"Tax transparency and the fight against fraud remain high on our agenda," Panteli warned.

He also said that "the European green strategy for zero emissions is also something that we as a government take very seriously."

The development of the economy comes from knowledge and innovation, he said, finally encouraging society to put forward positive input and suggestions.

(Source: InBusinessNews)

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