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 world is in need of stability and partnerships, believes the Ambassador Extraordinary and Plenipotentiary of Cyprus to Russia, George Kasoulides.
The G20-2014 summit in Brisbane (held last November) highlighted the fact that the economic issues are tightly correlated with the political stability. On the last day of the Australian summit, the G20 leaders signed a final communiqué.