Cypriot investors' association, PASEHA, has rejected a proposal from the government for the taxation of dividends which is included in the Finance Ministry's recent tax reform plans.
PASEHA, according to the Xak news agency, has argued that the proposal is more to the advantage of large shareholders and will not benefit small investors. The investors' association claimed that the way most companies are structured allows large shareholders to 'bleed' the companies via big remuneration packages for management. And in particular, where wealth is diverted from public to family-owned companies the proposals will have no positive effect on small shareholders.
PASEHA further maintained its position that dividends should be tax exempt up to the sum of CY£10,000.
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