CYPRUS APPROVED THE FINANCIAL PLAN OF STABILITY

Published on 26.03.2013

In the recent days the Cypriot government agreed with the Eurogroup and IMF on a financial stability plan to secure the Cyprus banking sector. These measures will have no direct effect on the services they provide to the clients, nor will it change the country’s favorable holding regime. The proposed Corporate Income Tax rate increase from 10% to 12.5% will not affect the majority of the clients as this is relevant for trading and specific financing activities. Goal of the measures taken by the Cyprus government is to secure the country’s banks. Apart from Laiki and Bank of Cyprus, other banks remain unaffected for now.

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