The need to implement a targeted tax reform, focusing on increasing the corporate tax rate to 15%, combined with the implementation of compensatory measures for Cypriot businesses, is being advocated by the Ministry of Finance in an effort to capitalise on the momentum of the global momentum in favour of tax transparency.
The Ministry of Finance official's statement was made during a Financial Media Way web event entitled "Time for Tax Reform", while representatives of the accounting world put forward the view that the challenges of the times such as the pandemic and geopolitical tensions combined with changes in global tax planning create the need for a holistic tax reform.
"Developments will run, they will pass and we will try to make reforms.
(CNA)
CNA
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