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Tax Rates Inch Up In EU27 5/25/2012 In its 2012 edition of the publication 'Taxation trends in the European
Union', Eurostat, the statistical office of the European Union, highlights
the observed increase in value-added tax rates, corporate tax rates and top personal
income tax rates in 2012, among the twenty-seven European Union member states.
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Austria, Cyprus Sign Revised DTA 5/22/2012 Austria’s Financial State Secretary Andreas Schieder and the Cypriot Foreign
Minister Erato Kozakou-Marcoullis have recently signed the revised bilateral double
taxation agreement between Austria and Cyprus.
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Luxembourg, Cyprus Discuss DTA Signing 5/21/2012 During a recent working visit to the Grand Duchy of Luxembourg, the Foreign Affairs
Minister of the Republic of Cyprus Erato Kozakou-Marcoullis held talks with her
Luxembourg counterpart Jean Asselborn, with the talks focussing on the planned
signing of the bilateral double taxation agreement between Luxembourg and
Cyprus.
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Cyprus Committed To Deficit Reduction Targets 4/18/2012 Cyprus's Finance Minister Vassos Shiarly has expressed confidence that the nation will be able to meet the deficit reduction targets agreed with Europe and its Russian creditors.
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OECD Issues New Peer Reviews 4/5/2012 The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
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Offshore Aspects Of Russian 'Superbank' Merger 3/19/2012 The Jersey office of Walkers, the leading international law firm, has advised on the multi-jurisdictional aspects of the USD1bn merger between Sberbank and Troika Dialog, which will create a Russian 'superbank'.
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Cypriot VAT Hike Takes Effect 3/5/2012 An increase to Cyprus's value-added tax rate came into effect
on March 1, 2012, as part of a package adopted in December to speed progress towards European Union fiscal retrenchment targets.
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Hiring Trends Show Mixed Fortunes For Cyprus 2/24/2012 Figures from a Cyprus recruitment agency indicate that while the banking and finance sectors enjoyed mixed fortunes last year, hiring overall was up 11% last year.
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Russian Duma Ratifies Cypriot DTA Protocol 2/21/2012 Russia's lower house of parliament, the Duma, has ratified the pending Protocol
to the double tax avoidance agreement with Cyprus, confirming removal of
the nation from Russia's notorious 'blacklist'.
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The Netherlands Ups Tax Treaty Negotiations In 2012 2/21/2012 Underlining the government’s commitment to negotiating new tax treaties
with other countries, the Dutch finance ministry has recently outlined details
of its specific plans for 2012.
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FTT Will Hit UK Revenues Even With Opt Out 2/8/2012 David Cameron's refusal to sign a new European Union deal will not shield the UK from the impact of a financial transaction tax, Ernst and Young has said.
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EU Tax Burdens Stabilize 1/17/2012 Following three years of decline, European Union nations' tax-to-GDP ratios remained broadly level in 2010, the latest year for which detailed tax revenue statistics are available for all member states, as governments begin to consolidate their fiscal positions. In the euro area the downward trend in tax revenues continued, but decelerated in 2010, with a slight drop to 40.2% of GDP.
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Cypriot Banks Issue Tax Warning 11/28/2011 Foreign banking institutions in Cyprus have warned that any increase in their
tax bills may drive their business abroad as the government considers new revenue
sources to cut the deficit and set up safeguards against banking sector collapse.
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Healthspan To Challenge UK LVCR Decision 11/15/2011 Healthspan, one of the largest product distribution companies in Guernsey, has
announced that the company will launch a legal challenge to the UK government's
decision to unilaterally remove the Channel Islands' eligibility for Low Value
Consignment Relief.
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Cyprus Referred To ECJ Over Car Import Tax 10/31/2011 The European Commission has announced its decision to refer Cyprus to the European
Court of Justice as it considers that Cypriot law discriminates against non-Cypriot
EU citizens who transfer vehicles into Cyprus.
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Cypriot Government Calls For VAT Hike 10/19/2011 Cypriot Finance Minister, Kikis Kazamias has urged the wholesale adoption by parliament of budgetary measures tabled last week, including a 2% increase in the value-added tax rate, and cuts to welfare
spending.
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IMF Demands Robust Fiscal Policy Response From Cyprus 10/17/2011 The significant deterioration in Cyprus's public finances requires a 'strong and
immediate policy response' to restore confidence in the territory's international finance centre,
according to a report from the International Monetary Fund.
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Cyprus Parliament Adopts Amended Austerity Package 9/1/2011 Cypriot lawmakers have approved the first of two sets of austerity measures with
significant alterations, as part of the government's efforts to agree a credible
plan to reduce the country's deficit to avoid an EU-funded bailout and calm bond markets.
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Cyprus Drafting Second Austerity Package 8/25/2011 The Cypriot government has conceded to requests from the opposition to introduce
a second round of austerity measures to calm international bond markets and stave
off a downgrade.
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Cyprus Plans Property Tax Hike 8/17/2011 Cyprus plans to increase the taxation of immovable property as part of an austerity package which hikes value-added tax, personal income tax and withholding tax
on savings interest.
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Is The EU Heading For Fiscal Convergence? 8/16/2011 With member states fundamentally rethinking the functioning of the European Union, one thing seems certain to emerge from the Eurozone crisis: that proponents of a fiscal union (that countries' budget policies should largely be governed by the EU) have gained significant ground on those that would advocate the continuation of fiscal sovereignty.
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Cyprus Prepares Emergency Tax Measures 8/15/2011 Cypriot Finance Minister, Kikis Kazamias has urged the adoption of proposals
to rein in the country's deficit to avoid a European Union bailout, including
an increase to the value-added tax rate and an annual registration fee for companies.
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Bank Of Cyprus Urges Action To Prevent Bailout 8/8/2011 Cyprus' largest commercial bank, the Bank of Cyprus has called for Cypriot
decision-makers to make radical decisions regarding slashing the recurring budget
deficit to quash speculation that Cyprus will require an EU-funded bailout.
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EU Takes Action On Cross Border Mediation And Claims 7/27/2011 The European Commission is to take further action to ensure the application
of the European Union Mediation Directive to resolve cross-border disputes,
whilst also proposing to introduce a new Europe-wide preservation order to ease
the recovery of cross-border debts.
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Luxembourg, Cyprus To Launch Talks On DTA 7/22/2011 Luxembourg’s Finance Minister Luc Frieden recently conducted an official
visit to Cyprus at the invitation of his Cypriot counterpart Charilaos Stavrakis,
with the talks focussing on strengthened fiscal cooperation by means of a future
bilateral tax agreement.
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Eurostat Notes Rising Consumption Tax 7/7/2011 According to a recent study conducted by Eurostat, the statistical office of the
European Union, the global financial and economic crisis has changed the
fiscal shape of Europe.
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Cyprus Approves Banking Levy 4/25/2011 Cypriot lawmakers have approved legislation to introduce
a permanent levy on the country’s banks, revenues from which will be siphoned into a ‘Financial Institutions’ Support Fund.’
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EU Questions Cypriot Excise Tax Rules 4/13/2011 The European Commission has formally requested that Cyprus amend its legislation that recognizes depreciation when calculating excise duties on second-hand motorcycles as it has been found to discriminate against imported motorcycles.
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India To Open Eight Overseas Tax Units 3/18/2011 The Indian Minister of State for Finance (Revenue) Shri S S Palanimanickam has announced that the government has made plans to launch eight new Income Tax Overseas Units in France, Germany, Netherlands, Cyprus, USA, UK, UAE and Japan in the next financial year.
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MEPs Approve Deal On Latin American Banana Imports 2/8/2011 The 2009 Geneva agreement on European Union import tariffs for bananas from
Latin American countries, which is designed to end the longest-running dispute
in the history of international trade, has received the backing of the European
Parliament.
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Lamy Urges On Doha Participants 2/7/2011 The World Trade Organization’s Director General, Pascal Lamy, as chairperson
of the Trade Negotiations Committee, urged WTO ambassadors on February 2 to
engage in bilateral and small group discussions on resolving key obstacles to
a near-global multilateral free trade agreement, through the Doha Round.
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EU Launches Multi-Year Review Of Cross-Border Taxation 12/23/2010 The European Commission has published a Consultation, which marks the commencement of a comprehensive multi-year review of the major cross-border issues faced by EU citizens, and proposes solutions for them.
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China, EU Discuss Untapped Trade Flow Potential 12/22/2010 The EU and China held the second, and final day of their third High Level Economic
and Trade Dialogue on December 21, at what was the first meeting between the two parties
since the entry into force of the Lisbon Treaty.
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Standard And Poor's Downgrades Cyprus 11/22/2010 Standard and Poor’s has lowered Cyprus’s long-term credit rating to
A, from A+, with a negative outlook, citing ‘credit risk’, exposure
to Greek assets, and its dependence on the performance of its financial services
centre.
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Ukraine Calls For Conclusion Of New Cypriot DTA 11/15/2010 The Prime Minister of Ukraine, Mykola Azarov has called for the renegotiation
of the double tax agreement between Ukraine and Cyprus, while meeting with
the President of the Cypriot House of Representatives, Marios Karoyan.
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Cyprus, UAE Conclude DTA 10/29/2010 The negotiations for an agreement between Cyprus and the United Arab Emirates on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income were concluded successfully in Nicosia recently.
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MEPs Clarify Northern Cyprus's Trade Status 10/20/2010 European Union trade with the northern part of Cyprus should be governed directly by EU single market and customs union rules, and not by the EU's rules for international trade, a European Parliament committee has concluded.
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Cyprus Treaty Provides New Capital Gains Rules 10/15/2010 The protocol amending the 1998 tax treaty between Russia and Cyprus includes special provisions related to real estate investment.
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Russia, Cyprus Sign Tax Treaty Protocol 10/13/2010 Russia and Cyprus have signed a protocol to their double taxation agreement which allows for extensive exchange of tax information and removes Cyprus from the notorious Russian 'blacklist'.
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Panama, Cyprus Discuss Tax Agreement 9/29/2010 Panama’s President, Ricardo Martinelli met with his Cypriot counterpart,
Demetris Christofias on September 22, to discuss improving economic
cooperation, including through the signing of a convention for the avoidance of
double taxation and fiscal evasion.
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Russia, Cyprus To Sign Tax Agreement 9/27/2010 Russia and Cyprus are due to sign a new double taxation avoidance agreement which should secure Cyprus's removal from the notorious Russian 'blacklist'.
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IMF Supports Cyprus's Efforts Towards Fiscal Discipline 9/8/2010 The International Monetary Fund has spoken out in support of the application of the Excessive Deficit Procedure of the European Union in respect of Cyprus, which has prompted adoption of a program aimed at reducing the fiscal deficit to 4.5% of Gross Domestic Product in 2011 and below 3% in 2012.
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Malta, Cyprus Off Italian Blacklist 8/2/2010 The Italian Ministry of the Economy has issued amendments to the relevant legislation,
by which Malta and Cyprus have been removed from the country’s ‘blacklist’
of tax havens.
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Cyprus Urged To Cut Deficit 7/9/2010 The foremost policy challenge for Cyprus is to reverse the large structural fiscal deficit that has emerged in recent years, according to the International Monetary Fund.
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Panama To Sign DTA With Luxembourg 7/6/2010 The Panamanian government has finalized negotiations in Luxembourg ahead of the signing of a treaty to avoid double taxation between the two countries, announced deputy economy minister, Frank De Lima, who led the negotiating team for Panama.
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EC To Extend Common System Of VAT 6/30/2010 The European Commission has issued details of a proposed Council Directive governing the common system of value-added tax applicable across the European Union.
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EC To Begin Excessive Deficit Procedures With Three States 6/22/2010 The European Commission on June 15 decided on the existence of excessive
deficits in Cyprus, Denmark and Finland and recommended deadlines for their
correction to the Council. These steps, taken under Article 126(5-7) of the
Treaty, represent a follow-up to the reports under Article 126(3) that the
Commission presented on May 12.
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Cyprus E-gaming Ban Is Open To Consultation 6/18/2010 Online gambling in Cyprus has been permitted since the Betting Law of 2007, but the Cyprus government now plans to ban it, except on horse racing and sports in Cyprus.
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Indian Revenue Agency Opens Overseas Offices 4/30/2010 The Indian Central Board of Direct Taxes has opened tax offices in Singapore and Mauritius and plans to open in at least eight more countries in order to step up its measures against tax evasion.
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India To Sign Offshore TIEAs 4/16/2010 The Indian government will proceed with negotiations towards tax information exchange agreements with nine low-tax jurisdictions.
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Cyprus Unveils Fiscal Stability Plan 4/12/2010 The Cypriot government has announced a fiscal stability plan that will put government
finances back on a sustainable path, and gear the economy towards recovery.
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EC Endorses Cypriot Maritime Tax 3/26/2010 The Cypriot government has received approval from the European Commission to
phase out levying corporation tax on companies engaged in international maritime
transport in favour of a tonnage-based tax regime.
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