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.
Should Americans expect a global economic meltdown, or is everything within the norm? Recently, the US national debt exceeded USD 19 trillion. Since October 30, 2015 only, the debt grew by more than USD 1 trillion.
The European economy will keep a moderate growth given that the business capacity of the EU’s main trading partners has crumbled, while the factors seen as favourable so far, have started vanishing.