The first six phases of the tax transformation will be completed by March, says Giorgos Syrichas
The Phase 2 of the tax transformation project, which involves green taxation and compensatory measures, is currently underway, according to the economist of the Center for Economic Research (CER) and member of the project's advisory committee. The first six phases of the project will be completed by March 2024, followed by the submission of preliminary proposals. The project aims to assess the impact of green taxes on households and businesses and determine compensatory measures to offset any negative effects. These measures can include monetary refunds or incentives to accelerate the green transition. The project is a European obligation for Cyprus and is included in the Recovery and Resilience Fund to be implemented in 2024. The goal of the project is to develop a new integrated tax system that is simple, transparent, reduces inequalities, promotes economic growth and employment , supports innovation, and ensures the sustainability of public finances. The CER has statistical models and tools to measure the impact of the project on households and businesses. Suggestions and feedback on the project can be submitted through the CER's website.
