Cyprus in International Tax Planning
Prior to its accession to the European Union on May 01, 2004, Cyprus has reformed its tax system by removing the label of an offshore centre and a tax haven. Cyprus prides itself as an international financial centre fully compliant with EU laws and Directives, the Code of Conduct of the OECD on harmful tax practices. The new tax regime which became effective from 1 January 2013, provides for a 12,5% Corporation tax for all companies registered in Cyprus, which is the lowest in the European Union. This regime, coupled with an extensive network of favorable double tax treaties, enabled Cyprus to develop into one of the most successful International, financial and commercial centres in Europe.
In 2017, the World Bank predicts a growth of the Russian economy by 1.3% and by 1.5% in 2018. This year, however, it forecasts a decline of 0.7%. Thus, the rate of decline is expected to decrease significantly. According to the WB experts, the Russian economy lost 3.8% last year. The prospects are rather vague for 2016 due to the continuously low O&G prices and the international sanctions against Russia.
The improvement in Moody’s ranking shows the acknowledgement by the foreign agencies of the macroeconomic policies carried out in Russia. However, it is necessary to reduce the budget deficit and progress towards sustainable economic growth in order to bring back the investment-worth ranking, comments the head of the Russian Ministry of Finance Anton Siluanov.