Nicosia: The goal is for the tax reform to be implemented on January 1, 2026, and this cannot change, Cyprus President, Nikos Christodoulides, said on Tuesday. With the aim of accelerating the legislative and technical preparation and ensuring the timely submission of draft bills to Parliament, a meeting was held at the Presidential Palace under President Christodoulides, focusing on the upcoming tax reform. The meeting centered on the progress made in drafting the legislation, remaining pending issues, and the technical infrastructure that must be fully operational for the new tax model to be implemented seamlessly on January 1, 2026.
According to Cyprus News Agency, at the start of the meeting, President Christodoulides stressed the need to assess the current status of the draft bills and determine whether there are any outstanding issues from the Ministry of Finance or the Tax Commissioner. ‘The goal that cannot change is for the tax reform to be implemented on January 1, 2026,’ he said. He added that decisions that have already been taken by the Cabinet support the legislative process, and so the bills can be submitted to Parliament as soon as possible.
The meeting was attended by Finance Minister Makis Keravnos, the Tax Commissioner, Soteris Markides, and the team from the Economic Research Center of the University of Cyprus, which is responsible for the technocratic design of the reform.
Following the meeting, Government Spokesman, Konstantinos Letymbiotis, said that progress made during previous internal consultations was confirmed, and it was agreed that a final meeting with the President of the Republic will be held in June. He noted that specific dates have already been set for both upcoming internal meetings and the briefing of political parties, with the aim of promoting the draft bills to the House of Representatives as swiftly as possible.
He reiterated that the target date for the reform’s implementation is January 1, 2026, stressing that it is a reform that directly affects citizens and is of broad societal interest. When asked on disagreements arisen among stakeholders regarding the reform’s implementation and whether any changes were made, the Government Spokesman clarified that the philosophy of the new tax model remains unchanged. He said that all submitted proposals are being evaluated and final decisions are based on these assessments. He also noted that the reform has been positively received both by society and institutional partners involved in consultations. The evolving tax system, he said, aims to ensure a fairer distribution of the tax burden.