en | hu | ru | bg | ro | tr FacebookTwitterGoogle+LinkedInYouTubeInstagram
+ 357-24-636-919
+ 44-20-7556-0900
NEWS

Sign up for a free consultation
Subscribe to our newsletter
Request a return call
Downloadable brochures
Request a brochure
Newsletters
5 Minutes Offshore
Why LAVECO?
How to order a company from LAVECO Ltd
Latest news
Currency exchange rates: USD/1 unit
2017.08.22
HUF 0.0039
GBP 1.2879
CHF 1.0351
RUB 0.0169
HKD 0.1278
JPY 0.0092
CNY 0.1499
CAD 0.7939
AUD 0.793
BRL 0.3175
EUR 1.1761

Important Information

Cyprus May Accept 12.5% Corporation Tax, Says Presidential Advisor


14/03/2013

The head of Cyprus's new Economic Policy Council has indicated that Cyprus would accept a rise in corporation tax from 10% to 12.5% as part of a bailout deal, as long as it did not rise further for at least a decade.

Christopher Pissarides put forward the proposal to state media as the country continues to negotiate the terms of a bailout from the European Union and the International Monetary Fund. He explained that a rise in corporation tax was not important in itself, but that businesses must be confident that it will remain the same for a long time afterwards.

Cyprus applied for a bailout in June 2012, making it the fifth European country to do so, and it is seeking around EUR17bn to recapitalize its banks. The country has already implemented a number of tax rises, including a 2% rise in VAT to 17%.

The Economic Policy Council oversees the economy and advises the president on macroeconomic issues. Pissarides, who won a Nobel Prize in Economics in 2010, was appointed as its head by Cyprus’s newly-elected president Nicos Anastasiades last month.

www.tax-news.com

Related jurisdictions:
Cyprus
Top