The House of Parliament has recently enacted the
new tax legislation, which will come into effect on
1st January 2003.
Purpose of new legislation
· Conform to European Union Laws
and Directives.
· Satisfy the aims of the Organization of Economic
Cooperation and Development (OECD) against harmful
tax competition and the Code of Conduct of the European
Union for business taxation.
· Simplification of the tax system.
· Preservation and improvement of Cyprus position
into the international tax competition.
A summary of the main features of the tax reform
is given below.
