Nicosia: Cyprus' Finance Minister, Makis Keravnos, has expressed confidence that Parliament will approve the state budget for 2026. He highlighted the government's focus on supporting local businesses, which are set to benefit from upcoming tax reforms.
According to Cyprus News Agency, Keravnos made these remarks following the signing of a double taxation avoidance agreement with Vietnam. He addressed the ongoing discussions in Parliament regarding the state budget, stating his expectation for a favorable outcome. Keravnos described the budget as balanced and growth-oriented, capable of addressing potential crises in a dynamic economic and political landscape. He expressed optimism about securing approval from the majority of political parties.
In discussing the tax reform, Keravnos mentioned its primary goals: sustaining economic growth, ensuring a fairer tax distribution, and enhancing household and middle-class incomes. Particular emphasis was placed on bolstering the growth of Cyprus-based businesses, an area of significant interest for the government. Keravnos outlined plans to rejuvenate Cypriot businesses through incentives and tax relief, especially those with an export focus.