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Tax Reform As A Modernization Catalyst: PASYDY And KEVE Applaud Progressive Change

by THEFUTURE.TEAM

December 23, 2025

Stakeholders Hail A New Era In Cyprus Tax Policy

The recent passage of the tax reform bills has been met with optimism by key industry organizations. Both PASYDY and KEVE have welcomed the legislation, praising it as a significant step toward modernizing Cyprus’ tax framework—with PASYDY emphasizing fairness and economic stability, and KEVE focusing on competitiveness and investment confidence.

Pasydy Celebrates A Modern And Equitable System

PASYDY expressed satisfaction with the executive initiative to enact an all‐encompassing tax reform, highlighting the importance of a modern and equitable tax system as a cornerstone for economic stability, social justice, and sustainable growth. The association underscored that the new legislation will contribute substantially to curbing tax evasion while strengthening the state’s revenue collection mechanisms.

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Notably, PASYDY recalls its March 2022 submission to the Minister of Finance, which recommended adjustments to personal income tax brackets—citing deflationary effects from the previous revision nearly two decades ago. Several of its proposals were incorporated into the final bill, including the expansion of tax brackets and income criteria for tax deductions, particularly benefiting families with children. These measures are expected to offer annual savings of between €500 and €2,000, providing significant relief to the middle class.

Keve: A Milestone For Transformation And Competitiveness

KEVE, representing the broader business community, has characterized the reform as a transformational milestone. The chamber’s leadership believes the overhaul aligns the tax system with the demands of a modern economy, thus enhancing Cyprus’ international competitiveness. KEVE sees the reform as a historic opportunity to fortify the country’s economic stability, transparency, and appeal as a destination for business and investment.

KEVE’s response highlights several key enhancements, including the elimination of the imputed dividend distribution and a reduction in the Extraordinary Defense Contribution on dividends to 5%. In its strategic dialogue with policymakers, the chamber placed a premium on legal certainty and a stable business environment—ensuring that revenue collection is balanced with judicial oversight, and that administrative provisions remain clear to foster both international outreach and investment attraction.

Moreover, the reform is lauded for its substantial societal impact. KEVE pointed to the increased tax-free threshold and targeted support measures for families as instrumental in bolstering disposable income and addressing declining birth rates. The chamber has committed to closely monitoring the implementation of the reform as it continues to serve as a key institutional partner in advancing economic progress and prosperity across Cyprus.

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Cyprus Ranks Among EU Leaders In Tertiary-Educated ICT Workforce

High Educational Attainment Sets Cyprus Apart

Recent data from Eurostat showed that Cyprus is expected to rank among the leading European countries for tertiary-educated ICT professionals in 2025. According to the figures, 96.4% of ICT professionals in Cyprus are projected to hold tertiary education qualifications, placing the country among the highest-ranked members of the European Union.

Gender Disparity Remains A Critical Challenge

Despite the high level of educational attainment, the ICT workforce in Cyprus continues to show a significant gender imbalance. Men are projected to account for 85.1% of ICT employees in 2025, while women are expected to represent 14.9% of the sector. In 2024, the split stood at 70.9% for men and 29.1% for women. The figures highlighted a widening gender gap within the country’s ICT workforce.

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European Union Trends And Comparative Analysis

Across the European Union, the number of ICT professionals is projected to increase to 3.4 million in 2025 from 3.2 million in 2024, representing annual growth of 5.1%. Men are expected to account for 83.4% of ICT employment across the bloc, equivalent to approximately 2.8 million workers, while women are projected to represent 16.6%.

National Performance Variability In Gender Representation

Countries within the EU show a varied landscape: the highest percentages of male ICT professionals are reported in the Czech Republic (92.9%), Slovenia (89.1%), Latvia (89.0%), Lithuania (88.9%), and Slovakia (88.4%). On the contrary, nations such as Denmark (30.0%), Sweden (29.8%), Romania (28.6%), Bulgaria (25.6%), and Croatia (25.2%) lead in female participation in the ICT arena.

Educational Background Across The European ICT Sector

Eurostat data also showed that most ICT professionals across the EU hold tertiary education qualifications. By 2025, 74.8% of ICT workers in the bloc are projected to have university-level education, while 25.2% are expected to hold secondary or post-secondary qualifications. Denmark recorded the highest share of tertiary-educated ICT professionals at 97.7%, followed by France at 96.6% and Cyprus at 96.4%. Other countries with high levels of tertiary-educated ICT workers included Ireland at 92.3%, Bulgaria at 91.1%, and Croatia at 90.9%. At the lower end of the ranking, Italy recorded 69.2%, while Portugal stood at 58.8%.

Conclusion

The data perfectly encapsulates the dual narrative in the ICT sector: while countries like Cyprus and Denmark achieve remarkable educational standards among ICT workers, persistent gender disparities remind us that diversity remains an ongoing challenge. As the ICT landscape continues to evolve, strategic policy formation and corporate governance will be pivotal in balancing excellence with inclusivity.