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Tax Reform Revision Ushers In A €22,000 Tax-Free Income Threshold

Government And Parliamentary Consensus

A recent meeting between representatives of the ruling parties—DISY, DIKO, DIPE, and EDEK—and Finance Minister Makis Keravnos has set the stage for significant revisions in the upcoming tax reform. The proposed adjustments include elevating the tax-free income threshold to €22,000, a figure considerably higher than the originally projected €20,500.

Enhanced Income Limits And Tax Relief Measures

The government is set to introduce modifications aimed at increasing tax benefits for a broader range of taxpayers. One key change is the adjustment of the annual income ceiling for additional tax deductions—from €80,000 to €90,000. Moreover, the thresholds will scale with family size: the limit will rise to €100,000 for those with a second child, escalate to €150,000 for families with a third or fourth child, and reach €200,000 for households with more than four children.

Additional tax relief measures include maintaining a €1,000 deduction for one child, increasing to €1,250 for two children, and further up to €1,500 for households with three or more children. Notably, deductions for mortgage interest on housing loans and rent payments are also set to increase to €2,000.

Elimination Of Stamp Duty And Fiscal Prudence

In a further move to modernize the tax system, the participating parties have signaled their intent to propose the abolition of the stamp duty. Finance Minister Keravnos emphasized that all proposed changes will remain within the framework of strict fiscal discipline, ensuring that the adjustments do not compromise the nation’s overall economic stability.

Commitment To A Competitive Economic Environment

Key political figures have voiced their support for these reforms, highlighting that a unified parliamentary majority is essential for achieving substantive results. Leaders such as DISY’s Onourphios Koullas and DIPE’s Alékos Tryfonidis underscored that the reform efforts are designed to benefit low-income earners, the middle class, families with students, and businesses alike, thereby reinforcing Cyprus’s reputation as an attractive hub for commerce and investment.

This collaborative initiative represents a forward-thinking approach in aligning fiscal policy with contemporary economic demands, ensuring that the forthcoming tax reform will facilitate both citizen welfare and a robust business climate.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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