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On December 9, the Cyprus Minister of Finance (MoF) presented to parliament the proposed 2022 budget and envisaged fiscal policy plan for the next three-year period. The MoF included an outline of the government’s vision for a possible ‘mini-reform’ of the Cyprus tax system.

Action item: Taxpayers should consider how the proposed changes might impact their operations. They then should consider participating in the government-held discussions in order to share their views on the potential consequences of any proposed changes.