Is taxable income increasing or decreasing?- They keep their cards closed
The aim is to maintain social cohesion as well as the attractiveness for foreign investments in the context of the new tax reform
The competent bodies are keeping their secrets in relation to the possibility of changing the taxable income in the context of the new tax reform. Specifically, when asked to comment on this possibility on behalf of the University of Cyprus, which is conducting the study on tax reform, Professor Giorgos Syrichas refrained from answering, noting that this is a decision that the government will make.
It is pointed out that the study on the new tax reform which is being prepared by the Center for Economic Studies of the University of Cyprus and which it will deliver to the Ministry of Finance is expected to be ready in two years.
In more detail, speaking on Sigma and on the program Mesimeri and Kati, on behalf of the university, Professor Giorgos Syrichas noted that the University will not determine the new tax policy nor will it make decisions, but will submit its recommendations and the Ministry of Finance will then take over . Mr. Syrichas noted, however, that on the issue of compensatory measures, the proposals will be ready before the end of the year.
Asked to comment on the fact that Cyprus was an attractive destination for investments and whether with the new tax reform this will be maintained, Mr. Syrichas noted that the aim is to maintain this attractive environment. Of course, he added, in a modern economy we have to set some priorities as to which investments we want and will seek to attract.
With reference now to the tax-free and to what extent it will increase or decrease, Mr. Syrichas refrained from answering, pointing out that he would not like to prejudge any decisions. As for whether there will be a transfer of wealth from those who have it to those who need it, Mr. Syrichas was content to point out that the goal of the new tax reform should be to maintain social cohesion.