Cyprus’ parliament on Monday approved a sweeping tax reform package set to take effect next month.
Lawmakers passed five of the six government‑backed bills, introducing changes to personal and corporate taxation and tightening measures aimed at curbing tax evasion.
The personal income tax‑free threshold will rise to 22,000 euros (25,874 dollars) from 19,500 euros, while the corporate tax rate will increase from 12.5 percent to 15 percent.
The package also cuts dividend taxes, abolishes most stamp duties and establishes new rules for taxing cryptocurrency gains and stock options.
Finance Minister Makis Keravnos said the overhaul is designed to create a fairer and more competitive tax system, support households and attract foreign investment.
The legislation also expands the powers of tax authorities and makes tax filing mandatory for most employed residents.