![\"Cyprus](\"https:\/\/www.ekathimerini.com\/wp-content\/uploads\/2021\/09\/Accountants_Shutterstock-320x200.jpg?v=1631649240\")
The Institute of Certified Public Accountants of Cyprus is raising concerns over Cyprus\u2019 proposed tax reform, arguing that while the new framework aims to ease the tax burden on individuals and businesses, it remains overly complex.<\/p>\n
The entity is calling for a more streamlined system, with fewer bureaucratic hurdles and greater predictability to enhance the country\u2019s appeal as a business hub.<\/p>\n
One of the key issues flagged by business groups is the lack of structural reforms, including the establishment of a tax council, better tax dispute resolution, regulating tax consultants and full digitization of the Tax Department\u2019s functions.<\/p>\n
The institute also emphasizes the need for a clear and stable tax framework that will encourage investment in infrastructure, such as schools, housing and transport, alongside social support initiatives.<\/p>\n
A major point of contention is the proposed increase in corporate tax from 12.5% to 15%. The entity suggests this hike could be offset by reducing employer social security contributions, preventing additional financial strain on businesses.<\/p>\n
It also opposes the suggestion authorities should be able to disregard the corporate structure and tax shareholders as individual business owners.<\/p>\n<\/p><\/div>\n
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