New Cyprus Tax amendments
New Tax amendments have been voted by the Cyprus Parliament on the 17th of April 2013. These four Bills were necessary to be passed by the Parliament, in order for the first installment to be disbursed to Cyprus according to the Memorandum of Understanding.
The Bills which have been voted by the Parliament is: 1) the Corporate tax rate increased from 10%, one of the lowest in Europe, to 12,5%, 2) an increase of the defence levy on profits from interest on deposits from 15%, to the new rate of 30% 3) increase of levy in relation to the Credit Institutions' transacions from 0,11% to 0,15%.
A Special consumption tax has also been passed, any rates amendment should be approved by Parliament and not by any order issued from the Ministry of Finance.