Cyprus' tax revenues for the first five months of 2026 showed an increase of 5.9%, reaching €3.1 billion, due to the tax reform implemented since January 1st. Despite the overall increase, personal income tax decreased by 2% (€9.9 million), as the reform boosted the net income of 200,000 taxpayers and rendered 30,000 individuals non-taxable. The reform includes an increase in the tax-free threshold to €22,000, new personal allowances, and changes to tax rates. Concurrently, a significant drop was noted in stamp duty revenues (-71.6%) due to its abolition, as well as decreases in other taxes and casino tax. For businesses, corporate tax increased to 15%, while debt collection tools and attractiveness were enhanced through new regulations for crypto-assets and non-domicile status.