The Institute of Certified Public Accountants of Cyprus (ICPAC) has developed a structured process to draft an official document outlining its positions and recommendations on the preliminary tax reform framework presented at the Presidential Palace last week.

According to a report from Stockwatch, the ICPAC intends to prepare the document after consulting with stakeholders affected by the reform and gathering input from its members.

The consultation process began this week with a scheduled meeting between ICPAC and Cyprus’ major employer organisations, the Cyprus Chamber of Commerce and Industry (Keve) and the Employers and Industrialists Federation (Oev).

Moreover, the association plans to hold further discussions with other relevant bodies to foster consensus in shaping its recommendations.

To ensure a broad representation of viewpoints, ICPAC has invited its members to submit their opinions, comments, and suggestions via email.

A circular has already been sent, urging members to contribute their insights, which will be accepted until March 11.

Given that the public consultation period for the tax reform framework concludes on March 19, these contributions will play a key role in forming ICPAC’s final recommendations.

The collected input will be reviewed by the working group of tax committees responsible for drafting ICPAC’s positions.

Once completed, the document will be submitted to the Finance Ministry as part of the ongoing consultation process and will also be shared with ICPAC’s members for their information.

Following the conclusion of the public consultation, the tax reform process will move into the legislative drafting phase, during which the framework will be finalised and the University of Cyprus’ Centre for Economic Research (CypERC) will prepare its final report.

These procedures are expected to be completed by July 2025, with the first related bills anticipated to be submitted to Parliament in the autumn.

*This article is a translated version of content originally published on StockWatch.