Cyprus\u2019 economy is expected to demonstrate resilience in 2025, with a projected growth rate of 3.1%, surpassing the EU average, Finance Minister Makis Keravnos stated on Friday.<\/p>\n
2024: A Year of Positive Economic Indicators<\/strong> Keravnos credited the successful rollout of the digital “Tax For All” system, which increased taxpayer compliance through improved digital services. The system not only boosted VAT revenue but also supported broader economic stability.<\/p>\n Tax Reform and Future Growth<\/strong> \nKeravnos also emphasized Cyprus\u2019 strong fiscal performance, highlighting high primary surpluses and the country\u2019s reputation as one of the best-performing EU nations in terms of public finances. This prudent fiscal management is expected to significantly reduce public debt as a percentage of GDP.<\/p>\n The minister added that Cyprus had received eight credit rating upgrades under the current administration, further validating the economy\u2019s robust performance.<\/p>\n Projections for 2025<\/strong> Tax Revenue Trends<\/strong> Zevlaris noted that the department\u2019s annual revenue surpassed \u20ac6 billion for the first time in 2022, climbed to \u20ac6.7 billion in 2023, and is expected to exceed \u20ac7 billion in 2024. Since its implementation in March 2023, the “Tax For All” system has facilitated the collection of \u20ac4.7 billion in VAT, processed 150,000 refund requests, and issued \u20ac830 million in VAT refunds.<\/p>\n Forum Focus<\/strong> Source: Cyprus Mail<\/em><\/p>","protected":false},"excerpt":{"rendered":" Cyprus\u2019 economy is expected to demonstrate resilience in 2025, with a projected growth rate of 3.1%, surpassing the EU average, Finance Minister Makis Keravnos stated on Friday. 2024: A Year of Positive Economic Indicators Speaking at the Safe VAT Forum in Nicosia, Keravnos reflected on the economic milestones achieved in 2024. Unemployment dropped to near […]<\/p>","protected":false},"author":9,"featured_media":108269,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/108268"}],"collection":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/comments?post=108268"}],"version-history":[{"count":2,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/108268\/revisions"}],"predecessor-version":[{"id":108271,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/posts\/108268\/revisions\/108271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/media\/108269"}],"wp:attachment":[{"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/media?parent=108268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/categories?post=108268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lamaisonestates.com\/ru\/wp-json\/wp\/v2\/tags?post=108268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nSpeaking at the Safe VAT Forum in Nicosia, Keravnos reflected on the economic milestones achieved in 2024. Unemployment dropped to near full employment levels, and inflation eased to approximately 2%. The finance minister also noted that VAT revenue accounted for 47% of total tax revenue, highlighting its critical role in the country\u2019s finances.<\/p>\n
\nThe finance minister outlined ongoing tax reform initiatives designed to modernize the system and align it with the EU\u2019s green and digital priorities. These reforms aim to:<\/p>\n
\nLooking ahead, Keravnos expressed confidence in the economy\u2019s continued resilience, with the 2025 growth forecast of 3.1% once again exceeding EU averages.<\/p>\n
\nAt the forum, assistant commissioner of taxation Ioannis Zevlaris provided insights into the Tax Department\u2019s revenue growth. Between January and October 2024, revenue increased by 10% compared to the same period in 2023.<\/p>\n
\nThe forum, held at the European University, focused on the theme \u201cVAT of Today and Tomorrow: Challenges and Applications in the Era of the 4th Industrial Revolution.\u201d<\/p>\n