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 2003, 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.
After passing successfully the qualification exam for the advocate status, the founder of Midland group of companies Maxim A. Stepanov on held on March 19th meeting of the Council of Moscow Region Advocate Chamber has given an oath and obtained a status of an advocate.
The West reshapes the global financial system to its advantage.