Nicosia, Cyprus. The Institute of Certified Public Accountants of Cyprus (Selk) convened professionals and policymakers for its fifth tax conference, focusing on Cyprus’ tax overhaul and its implementation. The event highlighted messages of cooperation, stability and reform delivery.
Conference focus and collaboration
The conference was held in collaboration with the Tax Commissioner’s Office and centred on the tax reform following the adoption of the amending laws. It aimed to provide a detailed and practical presentation of changes affecting the taxation of individuals and legal entities, while supporting the proper implementation of the new tax framework.
Selk president highlights guidance and role in reforms
Opening the event, Selk president Odysseas Christodoulou stressed the importance of timely and responsible guidance to the professional community. He said the large participation confirmed the importance of timely and substantive information regarding changes brought about by the tax reform, adding that Selk remains committed to supporting its members and stakeholders through responsible and practical guidance.
Christodoulou also said the institute played a decisive role in shaping and interpreting the new provisions, contributing to ensuring workable and applicable solutions for the market.
Deputy minister outlines government objectives
Deputy Minister to the President Irene Piki described the reform as a landmark intervention and said the government’s central objective was a tax system that is simple, transparent and effective, with clear and tangible benefits for the economy and citizens.
She said the reform strengthens fairness and predictability through a new tax-free threshold of €22,000, the simplification of tax bands, the abolition of deemed dividend distribution, the reduction of the special defence contribution to 5 per cent, and the abolition of stamp duty.
What do you think will be the most significant change for taxpayers under the new tax framework?