SEPTEMBER 27, 2011 | having difficulty Viewing this email? view THE online version

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Latest Tax-News Special Feature

Cyprus Review 2011-12: Holding Companies

Cyprus is no longer an offshore jurisdiction in the strict sense of the word, but its tax regime, coupled with its location at the cross roads of Eastern Europe, the Middle East, North Africa and Asia, an extensive network of double-tax treaties, its membership of the European Union and its sophisticated European business environment and stable economy mean that the island is an ideal place to locate holding, trading and intermediary companies.

 

Cyprus's taxation regime doesn't stand out particularly among its offshore competitors, but changes to tax legislation approved in 2002 gave Cyprus the lowest rate of corporate tax in the EU at 10%. Cyprus has also adopted the EU's 'Code of Conduct' on 'harmful tax practices' and is placed on the Organization for Economic Cooperation and Development's (OECD) 'white list' of tax compliant jurisdictions and therefore has a reputational advantage over some of its offshore competitors. Cyprus was also rated as the most attractive tax regime in Europe (with the net attractiveness score of 90%) by a 2009 KPMG poll, ahead of Ireland Switzerland and Malta.


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Latest Tax News

UK Ship Registry Could Lose Business Over UK Marital Laws

Cruise ship operator Cunard is considering reflagging its vessels to a British Overseas Territory in order to tap the valuable market for wedding functions.
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EU Opens Antitrust Probe Into E-Payment Market

The European Commission has announced that it has opened an antitrust investigation into the standardisation process for payments over the internet undertaken by the European Payments Council.
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UK SME Investors Secure GBP100m In Tax Breaks

Investors in the UK's small and medium size enterprises are set to benefit from tax breaks worth GBP100m (USD156m), after the European Commission gave the go-ahead for the government's plans to stimulate growth and job creation.
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German Lawmakers Adopt Tax Simplification Law

The German Bundestag (lower house of parliament) and Bundesrat (upper house) have now finally approved the government’s amended 2011 tax simplification law, agreed by a mediation committee.
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