RMS contributes to Cyprus' economic success

Revenue up 10% from last year, VAT almost half of total revenue.

Cyprus’ Tax For All system – powered by DataTorque’s Revenue Management System (RMS) – was praised in speeches by the country’s Minister of Finance and Assistant Commissioner of Taxation at a national VAT conference on Friday.

Minister of Finance Mr Makis Keravnos told attendees at the annual SAFE VAT Forum at Nicosia’s European University that the digitalisation and reform of the Cyprus Tax Department (CTD) was a key factor in the country’s strong economy. Mr Keravnos said the implementation of the Tax For All system in March last year was a catalyst for increasing compliance, due to its online taxpayer services. He also credited the system for contributing towards the increase in VAT revenue collection, which amounted to 47% of total tax revenue.

Speaking at the same event, the CTD’s Assistant Commissioner of Taxation, Mr Ioannis Zevlaris, said total revenue increased by 10% in the January-October period of this year, compared to the same time last year.

DataTorque’s VP of Europe Shona Williams congratulates Nikolas Pavlou and his team at the CTD for their achievements:

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This is a very strong and engaged board with a diverse set of backgrounds to help guide DataTorque's growth.

Cyprus’ revenue is expected to exceed €7 billion for 2024, and with inflation continuing its downward trend at nearly 2% and a low unemployment rate, the country’s economy is performing above the EU average.