ICPAC demands the protection of the Cyprus corporate tax

 

Maintaining the current corporate tax rate of 10% should be preserved and protected stated to the Cyprus News Agency, according to the CEO of the Institute of Certified Public Accountants of Cyprus Mr. Kyriacos Iordanou, in view of the negotiations that will start between Cyprus and the Euro Zone after a formal request for membership to the Support Mechanism European Union, adding that otherwise the damage would be enormous.

The corporate tax rate of 10% is a non-negotiable point for us, said Mr. Iordanou, and continuted that if we go on amending and ruining the existing tax regime of the country, the losses that the country wll face will be huge, particularly on the healthy attractive international Center for Financial Services. So it must be our main aim to maintain the existing corporate tax system and rates.

As has been explained, the reason why the foreign investors come to Cyprus is for the stability that has been around our corporate tax system, whether this is called double tax treaties, or more generally the whole mechanism applied to the Inland Revenue.