The insurance association of Cyprus (Saek) has pledged to contribute constructively to the public dialogue on the country’s forthcoming tax reform.

The association also focused on the specific characteristics of the insurance sector and the need for regulations that enhance transparency, safeguard tax fairness and support the competitiveness of the economy.

The above statements were conveyed during a meeting held earlier this week with tax commissioner Soteris Markides and members of his team at the Finance Ministry, in the context of the ongoing public consultation on the planned tax reform.

In a statement, Saek said that the meeting was “conducted in a spirit of honest dialogue and cooperation“, with both sides exchanging views on the proposed regulations affecting the insurance industry, which are included in the relevant draft bills.

The association said that it had identified a convergence on the main objectives of the reform.

In addition, it also highlighted specific issues requiring further consultation and technical elaboration, in order to ensure the effective implementation of the new framework.

Saek stressed that it will continue to closely monitor the drafting process of the bills, in cooperation with all stakeholders, with the aim of successfully completing a reform that “will lay strong foundations for the tax system of the coming decades“.