AKEL submits urgent law proposal to the Plenary Assembly to rationalise the destructive imposition of the corporate tax
AKEL C.C. Press Office announcement
19 September 2023, AKEL C.C. Press Office, Nicosia
The AKEL Parliamentary Group has today tabled a law proposal, requesting its urgent vote in the Plenary this Thursday, aiming at a fairer imposition of the corporate tax.
It should be recalled that the agenda of the plenary includes a number of other law proposals by parties and MP’s, which seek either the gradual horizontal abolition of the imposition of the corporate tax, or a reduction for certain companies, or an immediate abolition for specific companies.
In aiming at rationalising the current destructive way of imposing corporate tax and with a view to offering support towards small and medium-sized enterprises and maintaining fiscal stability, AKEL submits its own law proposal, which:
– lifts the existing injustice of the horizontal imposition of the tax, exempting all small and medium-sized enterprises from the obligation to pay the tax,
– the imposition of a levy, in a scaled manner, on the remaining registered companies with assets of more than EUR 1 million continues, without having a significant impact on their assets,
– the law proposal seeks to maintain significant revenues for the Government, estimated at 50% of existing revenues, rather than cutting them off completely as other law proposals suggest, so that the State can channel some of the revenues towards supporting vulnerable groups of the population.
AKEL has already contacted the Minister of Finance, informing him of the proposal we have tabled, and will take the initiative to consult with the other parties in order to find, if possible, a consensual solution.