On 23 April 2014, the Cypriot Cabinet passed legislation to establish a single unified tax authority to deal with all tax issues in the country. The legislation has been referred to the Cypriot Parliament for approval. The change is expected to increase efficiencies and compliance.
Under the legislation, a new body will assume the powers of the Cyprus Income Tax Authority and the Cyprus VAT Authority. The directorships of the two current authorities will be abolished and replaced by a single…