Study on tax reform in Cyprus

A study on the level of chargeable income tax is in progress, as part of the tax reform in Cyprus, President Nikos Christodoulides said on Thursday.

In statements on his arrival at the Employers and Industrialists Federation (OEB) headquarters for a meeting with the federation’s executive committee, Christodoulides recalled that he met with the technocrats that undertook to prepare a study for the tax reform with a view to assessing the progress of the effort, noting that he will hold a new meeting.

Replying to questions, the president said that taxable income is a matter under consideration by the technocrats following his own guidelines.

Calling for the collaboration of all stakeholders, Christodoulides said one of the aims of the tax reform “is to combat the shadow economy in our country which amounts to approximately 30%.”

On taxable income, he said raising the income tax level was a remark made by him in his election campaign, “with a special emphasis on the middle class and how we could strengthen it. We want to provide incentives, especially to families, their children, single parents and large families,” he said.