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Amendments to Cyprus Tax Legislation
On 14 December 2010 the Cyprus parliament introduced several amendments to Cypriot Tax Legislation, which were published on 31 December 2010. Taxand Cyprus outlines the latest amendments made and the effect this will have on future investment within Cyprus.
A mixture of positive and negative amendments has been introduced. As such, they represent a balanced reaction to the current financial crisis and the extra care taken by the Cypriot Government to avoid any possible practices of tax evasion and tax avoidance. These amendments will increase even further than the good reputation of Cyprus as an International Business Centre. The increased transparency and increased penalties will help to attract larger and law abiding corporations instead.
The widespread rumours that Cyprus would increase its corporation tax have proven wrong and this represents the biggest success for the investors. The lifting of the banking secrecy was a measure which was anyway being implemented by the European Directive for the Exchange of Information.
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