Soteris Markides: Cyprus' tax reform is necessary and beneficial

11:54 - 11 March 2025

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Economy Reporter

"The ongoing transformation of Cypriot taxation and e-justice reform is necessary and beneficial," Tax Commissioner Soteris A. Markides has emphased.

Speaking at the 8th Cyprus International Tax Conference, Markides presented the main axes of the tax reform, which, as he said, aims to strengthen accountability, upgrade e-justice and improve the international image of Cyprus, among other things.

The Commissioner referred to the gradual increase in tax revenues, noting that from €5 billion in 2020-2021, they are expected to reach €7.5 billion in the coming period.

The reform, as he explained, includes operational changes and digital upgrades, which will enhance the efficiency of the tax mechanism.

Among the initiatives underway are investments in digital transformation and process automation, which will ensure equal access to services for all taxpayers, regardless of their geographical location.

Taxation, according to Soteris Markides, is in a transition phase. With the implementation of modern tools and practices, it will become more flexible, efficient and fair, enhancing clarity and transparency in procedures, to the benefit of both citizens and businesses.

(Source: InBusinessNews)

Soteris Markides: Cyprus' tax reform is necessary and beneficial

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