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.
Warsaw is fighting to safeguard competition. The North Stream—2 project partners, including the world’s largest corporations (Engie, Gazprom, OMV, Shell, Uniper and Wintershall), took a decision to do without an approval from Warsaw in the creation of a joint international gas transportation venture.
Russian efforts to rebuild its economy may be viewed as modest, although the situation is steady, with the reserves intact and the outflow of capital decreased five-fold since the last year, affirmed the Russian President Vladimir Putin speaking at the recent G20 summit in the Chinese Hangzhou in September.