Possible changes in tax rates in Cyprus.

Possible changes in tax rates in Cyprus.

Finance Minister, Harris Georgiades, said earlier this week that the government considers cut taxes next year provided the economy continued to strengthen. Tax cuts could be a possibility if public finances maintain their robust and no deficits will be recorded. Although, no tax cuts would be announced before the May 2016 elections.

The parliament will also have a final say on the government's intention to give civil servants who were promoted during a pay freeze, the difference in salary a year earlier than planned. Minister said the pay increase would be granted as part of a comprehensive package regulating the state payroll that will be submitted to parliament.

Source: Cyprus Mail

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