In recent years Cyprus has been voted the most attractive European tax regime by major business organizations across Europe. Cyprus has been commended for the stability of its tax law, the consistency in interpreting its tax legislation and its low tax rates.
As the member of the European Union since 2004 and adoption of the Euro from 1 January 2008, Cyprus has entered a new era as an economy offering a great number of advantages within a common European market. In 2009 the OECD included Cyprus on its "white list" as one of only 40 countries in the world that have substantially implemented internationally agreed tax standards, being the highest categorization possible.
Key advantages of the Cyprus tax system include the following, to name but a few:
Deloitte can assist with all aspects of conducting business in Cyprus.
Our Tax team can advise on tax efficient structures and our Integrated Services team can assist with the on-going administration and management of your entity as well as payroll and bookkeeping services. In addition Deloitte can arrange for the formation of a Cyprus company, partnership or trust.
Cyprus & The EU - Taxation Trends
One would imagine that with a 10% company tax rate (together with Bulgaria, the lowest in the EU) and a low top personal income tax rate of 30%, Cyprus's overall tax-to-GDP ratio would be significantly below the EU average. At 41.6% in 2007, it is actually higher. Paul Mallis, international tax partner at Deloitte comments on Eurostat's annual report on Taxation Trends in the European Union based on taxation data for 2007.
Cyprus Beyond the Holiday - A Thriving Hub of International Business
The world is not static and while Cyprus enjoys its time in the sun as a leading centre of international business, Paul Mallis, international tax partner at Deloitte comments on how the Island continuously acts to enhance and build on its existing business infrastructure, competitive tax system and open investment policies.