Tax Rate News..

The Parliament of the Republic of Cyprus approved four pieces of legislation on the 18th of April 2013.

Under the new laws the island’s corporate tax rate would rise to 12.5% from 10%, while also increasing

tax rates on the interest earned on bank deposits from 15% to 30% and the special tax for credit institution

transactions raised from 0.11% to 0.15%.

Parliament also approved a bill to freeze all promotions in the public sector in 2013.

Additional measures will also be presented to Parliament for approval before the end of the month.

With the latest vote, Cyprus’s parliament has now passed some 23 pieces of legislation that aim to fix public

finances and that are part of the overall bailout agreement.

We will keep you updated for any further developments.