Insider Economy Finance Minister drops corporate tax hike proposal

Finance Minister drops corporate tax hike proposal

Minutes after business groups voiced opposition to a possible increase in corporate tax from 12.5% to 15%, Finance Minister Harris Georgiades said that given the absence of consensus he would not be pressing forward with it.

The minister had mulled possible changes with business leaders in a meeting last week.

But on Wednesday, after a meeting to discuss the issue business associations said they disagreed.

“We will simply not go ahead. It is not necessary to introduce a change now,” Georgiades told Sigma TV.

The proposal was  in order to resolve some problems which arise in efforts to enter into double tax avoidance treaties and to be kept off black lists.

But the private sector’s position is important and given they are opposed we will not insist, he said.

Earlier on Wednesday, the Cyprus Chamber of Commerce, the Employers Federation, the Cyprus Investment Promotion Agency, the Institute of Certified Public Accountants and the Cyprus Bar Association held an urgent meeting on the issue.

Speaking after the meeting, Cyprus Chamber of Commerce president Christodoulous Angastiniotis said that serious study must precede discussion of such proposals so as not to create the image abroad that we are a country with an unstable tax system.

Read more

https://in-cyprus.com/proposed-corporate-tax-hike-gets-thumbs-down/

Top Stories

UK helps employers with slow phase-in of job shield costs

British finance minister Rishi Sunak offered fresh help to employers hit by the coronavirus shutdown on Friday, announcing that future contributions they must make...

One new Covid-19 case from repatriations

There was one new Covid-19 case in Cyprus, the Health Ministry said on Friday, from a total of 2363 tests, bringing the total number...

Limassol: Dead body found in warehouse

  A body has been found in the light shaft of a warehouse on Nicos Georgiou street in Limassol, philenews reports. It said the body of...

Holy Synod to allow weddings during pre-Christmas fasting period

As a result of Covid-prompted wedding postponements, the Holy Synod has decided to allow wedding ceremonies during the pre-Christmas fasting period this year until...

President to discuss phase 3 with scientific advisors on Tuesday

  The team of scientists advising the government on the coronavirus outbreak are due to hold a new meeting with President Nicos Anastasiades on Tuesday...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...