{"id":5904,"date":"2024-03-28T16:01:20","date_gmt":"2024-03-28T14:01:20","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=5904"},"modified":"2024-03-28T16:01:20","modified_gmt":"2024-03-28T14:01:20","slug":"president-urges-swift-progress-on-tax-reform","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=5904","title":{"rendered":"President urges swift progress on tax reform"},"content":{"rendered":"

President Nikos Christodoulides on Thursday met with the advisory committee on tax reform<\/strong>, asking that progress<\/strong> on this matter be accelerated,<\/strong> in order to reap any benefits at the earliest opportunity.<\/p>\n

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The meeting, which took place at the Presidential Palace in Nicosia, also involved Finance Minister Makis Keravnos, and allowed the president to be briefed on the progress recorded so far.
\nIn statements after the meeting, Keravnos said there is satisfaction that work is progressing at a satisfactory pace.
\nThe goal of this tax reform, he said, is \u201cto encourage entrepreneurship, relieve households, have a strong social character, and contribute to the fair distribution of income<\/strong>.\u201d
\nHe also said that the tax reform aims to address any tax evasion and avoidance, while it will also be fiscally neutral<\/strong>.
\n\u201cWe have asked the University of Cyprus to intensify the pace<\/strong> to the extent possible so that we can have results as close as possible,\u201d he said.
\nOn his end, economist George Syrichas, on behalf of the Centre for Economic Research at the University of Cyprus (CypERC), which has been tasked with a comprehensive tax reform of the Cypriot economy, reported that the president was briefed on the progress of the work and the next steps.
\nHe explained that the first six phases of the tax reform have almost been completed, while extensive consultations have been and continue to be held with various entities of the Cypriot economy.<\/p>\n

\"President
President Nikos Christodoulides asked the committee to expedite the tax reform process<\/figcaption><\/figure>\n

He also noted that the committee exchanged views with the president on the green transition and green taxation, which are part of the tax report.
\nIn addition, reference was made to the estimates of the CypCER regarding compensatory measures so that the impact of the green transition is as painless as possible for households and businesses.
\n\u201cThe president shared with us how he sees the tax reform and stated that he expects it to contribute to the competitiveness of the Cypriot economy<\/strong>, and to be investment-friendly<\/strong>,\u201d Syrichas said.
\n\u201cThe president mentioned that he expects the tax reform to maintain social cohesion and, if possible, to reduce inequalities,\u201d he added.
\nSyrichas also noted that \u201cwe assured the president that the guidance he has provided with has already been implemented in the tax reform\u201d, explaining that \u201cthese parameters are very important and we are examining them\u201d.
\nFurthermore, Syrichas said that the president requested \u201cto expedite the tax transformation as much as possible and to complete our work as soon as possible, because he attaches great importance to this work.\u201d.
\nHe added that \u201cwe will try to bring it as far forward as possible,\u201d so that more consultations can be held with organised groups and citizens.
\nMoreover, he stressed that tax reform, including the green transition, is very important for the economy to remain competitive.
\nSpecifically, he said, the cost of energy in the Cypriot economy today amounts to 40 cents per kilowatt-hour, while other [countries] produce energy for 15 cents.
\nThe import and use of fossil fuels, he said, have a cost exceeding \u20ac1 billion<\/strong>, while he also noted that it has been estimated that pollutants cost an additional half a billion euros per year as a burden on public health<\/strong>.
\n\u201cThis is why the green transition is essential<\/strong>. It will have a cost, but this will be returned to the citizen, it is not tax revenue,\u201d he stated.
\n\u201cIf we lag behind in the green transition, we will continue to pay increasing costs,\u201d he stressed, noting the increasing trend of foreigners who are moving towards green hotels and buying green products.
\n\u201cIf we do not change, they will not prefer us [as a destination] in the future,\u201d he added.<\/p>\n

\"President
University of Cyprus advisors assured that tax reform will not just amount to tax collecting<\/figcaption><\/figure>\n

When asked about the expected timeline for compensatory measures related to green taxation, he mentioned that they are currently under consideration.
\nThese measures will be unveiled simultaneously with the implementation of the new tax policies, forming a comprehensive package.
\n\u201cIt will take a little longer than we initially estimated. The Ministry of Finance will determine exactly when this will take place,\u201d he stated.
\nIn response to a question about whether the committee assesses proposals like the one put forth by Disy regarding the taxation of family income, he confirmed that they do.
\nHe stated that proposals from all organised groups are carefully reviewed, and meetings with the relevant parties will also be scheduled for further discussion.
\n\u201cIt is a broad piece of work, so it is good to hear from all interested parties<\/strong> to form a comprehensive opinion,\u201d he said, noting that \u201cconsultations will not only take place once\u201d.
\n\u201cWhen we process and measure them, we will return, until we reach a balanced package that will help the economy for the next 20 years,\u201d he said, adding that tax reform is not done regularly.
\n\u201cThat is why we need to be careful,\u201d he stressed, noting that the CypERC counts the impact of each proposal, both on public finances and on businesses, households, and the economy as a whole.
\nHe also noted, responding to another question, that, although tax reform should safeguard public finances, tax reform will not be akin to tax-collecting<\/strong>.
\n\u201cIt will be more to improve the finances of households and businesses and to keep the economy competitive<\/strong>,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

President Nikos Christodoulides met with the advisory committee on tax reform and asked for progress to be accelerated in order to reap benefits at the earliest opportunity. The tax reform aims to encourage entrepreneurship, relieve households, have a strong social character, and contribute to the fair distribution of income. The reform also aims to address tax evasion and avoidance and be fiscally neutral. The University of Cyprus has been asked to intensify the pace of work on the tax reform. The green transition and green taxation are part of the tax report, with compensatory measures under consideration. The committee assesses proposals from various groups to form a comprehensive opinion. Tax reform is not just about tax collection but aims to improve the finances of households and businesses and keep the economy competitive.<\/p>\n","protected":false},"author":3,"featured_media":5905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[3348,1031,3254,1751,2511,3665,3,672,26,358,2459,569,518,706,250,3330,1189,2484,210,3253,2294,2753,64,1346,2257,3331,406,193,634,503,3840,3043,1065,1205,3912,3125,832,380],"class_list":["post-5904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-change","tag-christodoulides","tag-compensatory-measures","tag-consultations","tag-costs","tag-cypriot-economy","tag-cyprus","tag-disy","tag-economy","tag-energy","tag-family","tag-finance","tag-finance-minister","tag-fossil-fuels","tag-google","tag-google-news","tag-green-taxation","tag-green-transition","tag-health","tag-households-and-businesses","tag-income","tag-investment","tag-makis-keravnos","tag-meeting","tag-meetings","tag-news","tag-nicosia","tag-nikos-christodoulides","tag-opinion","tag-president-nikos-christodoulides","tag-progress","tag-satisfaction","tag-tax","tag-tax-evasion","tag-tax-reform","tag-transformation","tag-university-of-cyprus","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nPresident 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