Keravnos on the Tax Reform's objectives and impact on the economy

The objective goal of a tax system in a modern economy is, firstly, the financing of public spending, the strengthening and continuation of economic growth and the redistribution of produced wealth in order to ensure social cohesion and improve the average level of well-being.

This was emphasised, among other things, by the Minister of Finance, Makis Keravnos, in the context of the presentation ceremony of the upcoming tax transformation, with the Minister indicating that "the tax system decisively affects the economy of a country."

As Keravnos said, "tax reform is one of the announcements of President Nikos Christodoulides' Government Agenda, which has begun to be implemented, as planned, with steady steps and consistency."

Read the Minister of Finance's full speech below, translated from the original Greek:

Today's event is the third in a series of presentations regarding the upcoming Tax Reform, which is an emblematic reform of our Government.

Tax reform is one of the announcements of President Nikos Christodoulides' Government Program, which has begun to be implemented, as planned, with steady steps and consistency.

The tax system has a decisive influence on a country's economy. The objective goal of a tax system in a modern economy is, firstly, the financing of public spending, the strengthening and continuation of economic growth and the redistribution of produced wealth in order to ensure social cohesion and improve the average level of well-being.

In the context of the formulation of the holistic tax transformation proposal, a broad public consultation with all involved economic actors has been completed today.

Within the framework of social dialogue and exchange of views, more than 40 bilateral meetings have been held with private sector bodies, associations, federations, employer organisations, unions, organisations, professional bodies and political parties.

Written positions and opinions have been requested, which have been recorded and duly evaluated, so that the issues of concern to the bodies are weighed in the planning of the holistic tax reform.

It is worth mentioning here that written suggestions and positions have also been received from ordinary citizens.

Following today's presentation, the preliminary framework by the University of Cyprus' Economics Research Centre and will be put out for public consultation for another 3 weeks. Of course, the proposal will be discussed and studied at government level and, with the preparation of the relevant bills, it will be put before Parliament for a vote.

In closing, I would like to thank Mrs. Elena Andreou, Mr. George Syrichas and all the experts of the Economics Research Centre Team for the dedication they showed in completing this project, within the framework of a high-level scientific approach, with objectivity and reliability.

I would also like to thank everyone who contributed with opinions, suggestions and proposals, as well as the Ministry officials who were responsible for monitoring the progress of the project.

Thank you all for your presence today and your constructive participation.

(Source: InBusinessNews)