The employers and industrialists federation (Oev) this week welcomed the timely passage of tax bills by the House of Representatives, saying their approval before year-end reflects effective coordination and institutional maturity.

In a statement, Oev thanked the legislature and, in particular, the House finance committee, noting that the bills “were processed at speed without compromising the quality of the final outcome, even as parliament was simultaneously handling the state budget”.

At the same time, it expressed appreciation to the government and the Finance Ministry, citing their openness to well-documented proposals from the business community and the structured approach followed in shaping and finalising the tax framework.

Oev also singled out the Tax Department and its commissioner, saying their engagement with the federation’s leadership and technical staff “allowed for detailed discussion and refinement of provisions aimed at strengthening competitiveness, safeguarding transparency and improving tax compliance”.

The federation also said that once the new framework has been applied in practice for a reasonable period, it will submit to the state any shortcomings or gaps identified, with a view to targeted adjustments.

It added that “further work is needed on energy and water policy, pensions, the green and digital transition, the modernisation of the public sector and faster delivery of justice”.

Cyprus, Oev said, has “demonstrated that it can implement substantial reforms in a serious manner, supported by political and productive forces that ensure social and labour stability, while fostering confidence about the future”.

“As the country’s main employers’ organisation”, it added, “Oev remains committed to economic development and social prosperity”.