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.
The Organisation for Economic Cooperation and Development (OECD), sometimes referred to as the ’Club of the rich’, analysed the income gap in the developed countries and its negative effects. As economists observe, the gap between rich and poor hit a historic maximum for the past 30 years.
Production of gold in China increases steadily. China might deliver a powerful blow to the fragile US financial system, using the foreign exchange reserves, including the growing volume of gold ingots and the gold savings, privately owned by the population.