Cyprus in International Tax Planning
Prior to its accession to the European Union on May 01, 2004, Cyprus has reformed its tax system by removing the label of an offshore centre and a tax haven. Cyprus prides itself as an international financial centre fully compliant with EU laws and Directives, the Code of Conduct of the OECD on harmful tax practices. The new tax regime which became effective from 1 January 2013, provides for a 12,5% Corporation tax for all companies registered in Cyprus, which is the lowest in the European Union. This regime, coupled with an extensive network of favorable double tax treaties, enabled Cyprus to develop into one of the most successful International, financial and commercial centres in Europe.
One of the most attractive investment centres of the UAE, Ajman Free Zone Centre (AFZ) inaugurated a representative office in the Russian capital on November 28. Opening the event, the AFZ Director General Sheik Mahmoud Khalil al-Hashimi and the accompanying delegation visited the office of Midland Consult in the Moscow city centre.
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