Nicosia: Finance Minister Makis Keravnos expressed optimism on Monday regarding the implementation of tax reform, following his consultations with political parties in Nicosia.
According to Cyprus News Agency, the Finance Minister emphasized the importance of aligning opinions from all social partners and political parties. He highlighted that during the recent meeting, several “very good and positive opinions” had been presented. Keravnos affirmed his commitment to continue the dialogue while adhering to the established timelines.
The Minister outlined that the tax reform aims to provide relief to taxpayers, employees, and the lower economic classes. It is also expected to support small and medium-sized enterprises and enhance the competitiveness and resilience of the Cyprus economy. Addressing questions about the feasibility of meeting the January 1, 2026, milestone for the reform, Keravnos confirmed that efforts are directed towards achieving this target. He also mentioned that the government plans to s
ignificantly increase the threshold set to benefit large families under the reform.
Keravnos discussed proposals that were put forward, including tax deductions for individuals insuring their homes and holiday houses, a measure that the government has adopted. He clarified that the government does not intend to grant arbitrary powers to the Tax Commissioner, a point that was made clear during the meeting.