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.
There are two ways for Russia’s economy to grow: one is to increase productivity, the other is the amplification of human capital, affirms a recent World Bank report. Neither would be possible without a firm budget and an effective public administration system.
The main issue in the prospects for 2017 is whether the Russian government would be capable of unleashing, at least in part, the potential for economic growth? Any estimated outlook at Russia’s economy in 2017 would start off with a snapshot of the current state of affairs, and the challenges that the economic system is facing.