Lawyers and accountants reject government's tax reform proposals

Contributing sentiments towards policy:

65% : Corporate tax increase from 12.5% to 15% faces strong opposition Among the 200 observations submitted by the Cyprus Bar Association, key objections include outright opposition to increasing corporate tax from the current 12.5% to 15%.
63% : Both associations object to provisions that would make companies tax residents of Cyprus even if they are tax residents elsewhere, citing risks of double taxation and time-consuming resolution procedures.
63% : KEVE warns that removing provisions preventing dual tax residency could create serious problems, increasing double taxation risks and potentially deterring foreign investors.
53% : The lawyers' group disputes the definition of tax residency, arguing it falls outside the scope of tax transformation and conflicts with constitutional provisions and case law.
48% : Professional associations submit over 432 objections to tax legislation The professional bodies have commented article by article on the proposed legislation through the public consultation framework, seeking extensive amendments to what the government considers a completed social dialogue process that preceded the public consultation phase.
47% : Under the government's draft, a tax resident would be someone who does not remain in another state for periods exceeding 183 days within a tax year, provided they meet specific cumulative criteria.
44% : The association suggests examining models from other European countries, including Estonia's zero tax rate with taxation only upon distribution.
43% : The Bar Association opposes taxation of bonuses and gratuities received by employees through various schemes upon retirement, arguing this conflicts with constitutional provisions.

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