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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Cyprus Tax Take Rises, But Storm Clouds Gather |
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, October 17, 2008
The Cyprus Inland Revenue Department has announced that total revenue during the
period January - September 2008 advanced by 4.1% year-on-year to EUR1.5bn.
The improvement is primarily attributed to higher revenue from the
Special Contribution for Defence, up by 22.6% year-on-year to EUR292m, most
of which is from a 10% tax imposed on interest income earned on bank deposits.
Revenue from corporation tax advanced by 17.2% year-on-year to EUR514.9m, while
revenue from capital gains tax declined by 22% year-on-year to EUR265.9m, which
has been attributed to a decline in the property market.
Despite Cyprus’s increased revenue this year Finance Minister
Charilaos Stavrakis revealed that he expects a reduced budget surplus in 2009
from the earlier projection of 0.7% of gross domestic product to 0.3% of GDP.
Stavrakis also announced to parliament that Cyprus has cut its economic growth
forecast next year to 3.0% from an earlier prediction of 3.7%.
He told parliament that: "we are in a fluid environment and the final
rate of growth in 2009 will depend to a great extent on the duration and depth
of the world recession, and markets which have an impact on the Cypriot economy,
like Britain and Russia."
Cyprus, which joined the euro zone on January 1, 2008, is heavily reliant on
tourism, especially on visitors from Britain and Russia, with the sector a key
currency earner representing about 13% of GDP.
Stavrakis said the government was considering its options on sources of revenue,
but said there would be no new taxes next year. He also said there would be
no change to the budget, drafted last month. “While the government sees
no need to raise taxes, the revenue base will be strengthened through efforts
to bolster the government's capacity to collect taxes,” Stavrakis announced.
The 2009 budget assumes a 4.7% increase
of revenue on the 2008 figure, but Stavrakis warned that a sharp fall in domestic consumption
will lead to falling value-added tax revenues.
"We have some other proposals in the drawer which we do not want to reveal
at this moment which could help the finances of the government, and they are
not tax (measures)," Stavrakis said.
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