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.
It becomes a tradition for the international charity NGO Oxfam to draw attention to the growing inequality on the planet just before the opening of the World Economic Forum in Davos.
The ECB President Mario Draghi predicts deflation to the Euro-zone economy. In the end of last year, the Euro-zone economy showed sluggish growth. The study shows that last year, the fourth quarter was the worst. The Euro-zone growth in Q4-2014 was only 0.1%.