In mid-June, the President of Cyprus released documents that were submitted to the leaders of parliamentary parties, 23 bills are already under consideration by the parliament.
By the end of 2025, the Cypriot parliament plans to pass a number of laws with the aim of reforming taxation and other areas. Such a requirement was put forward by
The European Commission for the possibility of Cyprus receiving a subsidy from the EU in the amount of 1.2 billion euros to restore the economy.
The package of laws on judicial reform is due to be passed by parliament in the fall, as the European Commission expects to be implemented in December. The authorities of the Republic of Cyprus have set a goal to reduce delays in legal proceedings by 20% by June 2024 and by 40% by June 2026.
Also included in the pool of draft laws is the Investment Promotion Law, which was introduced in December 2019 and is part of improving the competitiveness of businesses.
A draft law on unfair commercial practices in the agricultural and food supply chain in Cyprus is due to be approved during 2022 as part of efforts to create a sustainable and competitive primary sector. It is also planned to adopt an amendment to the Income Tax Law to expand the existing framework for investing in innovative businesses in the context of strengthening research and innovation, as well as to adopt amendments related to the sale of real estate to address deficiencies in this legal institution.
It is expected that in 2023 a vote will be taken on two bills, which are expected to be presented to create a new legal framework and data exchange mechanism for assessing the creditworthiness of customers by credit institutions. The Law on the Creation, Operation and Management of the Central Register of Credit Information and the Law on Amendments to the Activities of Credit Institutions will be submitted to a vote by March 2023.
Major reforms in Cyprus are primarily related to the obligation of the authorities to bring the legislation of the island in line with the requirements and norms of the European Union.
