CYFA would like to inform its members that the Ministry of Finance is currently examining a possible reform of the Cyprus Tax Regime. According to the Ministry, the need to update the tax system is deemed necessary and is part of the overall efforts to design a new competitive and attractive framework that shall reflect the changing international scenery and the new commitments that need to be adopted.
In relation to the above, we would like to inform our members that the Association is actively taking part in the relevant public consultation initiated by the Ministry. Furthermore, it is noted that in the context of collaboration with main industry stakeholders, a consultation meeting was held on Tuesday 22nd February at CCCI offices, whereby the Association had the opportunity to exchange ideas on the matter with other professional associations to account for the long-term best interests of the industry and decide for the next steps to be taken.
CYFA will keep all members updated of any further developments on the matter.