ICPAC Develops Structured Approach to Draft Official Tax Reform Document

The Institute of Certified Public Accountants of Cyprus (ICPAC) has established a structured process for drafting an official document outlining its positions and recommendations regarding the preliminary tax reform framework recently presented at the Presidential Palace.

Reports indicate that ICPAC plans to compile this document after conducting consultations with stakeholders impacted by the reform and gathering feedback from its members.

The consultation process commenced this week with a scheduled meeting between ICPAC and Cyprus’ leading employer organisations, including the Cyprus Chamber of Commerce and Industry (Keve) and the Employers and Industrialists Federation (Oev). In addition to these discussions, the association intends to engage with other relevant bodies to build a consensus on its recommendations.

To ensure a diverse range of perspectives is taken into account, ICPAC has invited its members to submit their opinions, comments, and suggestions via email. A circular has already been distributed, urging members to share their insights, with submissions being accepted until March 11.

Given that the public consultation period for the tax reform framework is set to conclude on March 19, the contributions received from members will play a crucial role in shaping ICPAC’s final recommendations.

The submitted input will undergo review by the working group of tax committees responsible for drafting ICPAC’s official positions. Once the document is finalised, it will be submitted to the Finance Ministry as part of the ongoing consultation process. Additionally, ICPAC members will receive a copy for their reference.

Following the conclusion of the public consultation phase, the tax reform process will transition into the legislative drafting stage. During this period, the framework will be finalised, and the University of Cyprus’ Centre for Economic Research (CypERC) will prepare its final report.

These procedures are expected to be completed by July 2025, with the initial set of related bills anticipated to be submitted to Parliament in the autumn.

By fLEXI tEAM