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Tuesday, April 16, 2024

The PDS expresses concern about the timetable for tax transformation

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    The Pancypriot Bar Association expresses its concern about meeting the timetables for the comprehensive tax transformation

    In his statement, he states that the PDS agrees with the acceleration of the procedures, as it was announced after the meeting of the President of the Republic with the Commission that undertook to implement the project, “however, he does not understand the way in which any procedures for the completion of the Project as early as possible, since to date the Project is already showing a delay in the implementation of the schedule of deliverables as they were initially announced and made public”, he states.

    In addition, in his announcement, the PDS also refers to the issue of green taxation and compensatory measures, for which, he notes, the Minister of Finance had announced a public consultation on 6/3 for green taxation bills that set an implementation date of April 1, 2024.

    The PDS points out that the aforementioned bills, which were put up for public consultation, after the presentations on green taxation by the project officials on March 1, 2024, “in no way guarantee the legal obligation to implement fiscal neutrality as the repeated declarations of authorities”.

    That is, he clarifies, in the proposed bills there is no reference to a legislative regulation that mandates that the Republic of Cyprus, when collecting green taxes, and to a special fund, will pay relevant tax exemptions or incentives to taxpayers as compensatory measures. On the contrary, he notes, the collection of these ends up in the Fixed Fund of the Republic. Therefore, in their current form, the proposed bills act as “tax-collecting and in no way fiscally neutral”, underlines the PDS. delays in the preparation and adoption of the bills concerning green taxation also act in violation of the published milestones of the amended Recovery and Resilience Plan which defined their adoption in the first quarter of the year 2024″, it is added.

    The PDS reiterates its willingness to participate in meetings with the project officials with the aim of the immediate completion of the proposed tax reform and the utilization of the specialized knowledge and experience of its members' lawyers on related issues.

    He notes, further, that the PDS was invited to a single meeting with the project officials, in which he was informed about the stage at which the project was at the beginning of February 2024 and in which the written recommendations of the PDS were requested. He emphasizes, however, that “in no case was there a substantial consultation on specific issues during the meeting in question, since those in charge of the Project at the relevant time were not able to present any comprehensive study or proposal on the matter”.

    As a result, the PDS states that it agrees and adopts the statements of other involved bodies that have been invited to bilateral meetings with the project officials that the nature of such meetings do not take the form of consultations since they concern a general discussion on any proposals are evaluated on the basis of any proposed tax model under discussion.

    “We expect from the Project officials the preparation of substantial proposals based on the legal and tax framework and the methodology that these are expected to be adopted, as the timetable for their implementation within of the milestones of the initial announcements concerning the Project” concludes the PDS in its announcement.

    Source: cyprustimes.com

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