articleposted 15 July 2022

New Tax Bill has been approved

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The Board of Directors of TechIsland warmly welcomes today’s approval by the House of Representatives of the new Tax bill, which is in line with last October’s announcement by the Government of Cyprus to make Cyprus more attractive to talent and companies.

As TechIsland, we strongly believe that the approval of the tax bill is a great step towards establishing Cyprus among the top tech destinations globally. We expect that it will bring both direct and indirect benefits to the economy of the country. This decision happens during a challenging period where all European countries compete to attract tech talent. We are glad to see that Cyprus is taking the necessary measures to step up the competition and become a favourable destination worldwide.

It has to be noted that this positive outcome is coming after months of preparation and hard work by all involved Ministries and stakeholders.

TechIsland welcomes the result of the collective actions that are being taken and which are expected to accelerate the development of the sector of technology and innovation in Cyprus. This sector is expected to become a new main pillar for the development of the country's economy.

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