NICOSIA, Dec. 22 (Xinhua) -- Cyprus' parliament on Monday approved a major tax reform package that is set to take effect next month.
Lawmakers passed five of the six bills put forward by the government, introducing changes to personal and corporate taxation and tightening measures to combat tax evasion.
The personal income tax-free threshold will be raised to 22,000 euros (25,874 U.S. dollars) from 19,500 euros, while the corporate tax rate will increase from 12.5 percent to 15 percent.
The package also includes cuts to dividend taxes, the abolition of most stamp duties, and new rules on the taxation of cryptocurrency gains and stock options.
Finance Minister Makis Keravnos said the reform is intended to create a fairer and more competitive tax system while supporting households and attracting foreign investment.
The legislation also grants expanded powers to tax authorities and makes tax filing mandatory for most employed residents. (1 euro = 1.17 U.S. dollar)
