13/07/2012 15:12
Foreign investors believe that the tax rate of Cyprus is very important, according to the results of the new survey commissioned by Baker Tilly Cyprus, released today.
The overall positive assessment on the current attractiveness of Cyprus as a business centre is driven mainly by the low tax rate which tops the list of Cyprus’ main advantages.
Specifically, 74% of international companies in Cyprus believe that the low corporate tax rate in Cyprus (10%) is the main advantage of Cyprus to attract foreign companies and investments in Cyprus.
This is supported by the spontaneous responses to an open question as to what they consider as the main competitive advantage of Cyprus.
It is also important to mention that the overall number of references to the tax system is equivalent to 85%.
Second advantage in the series, but far from the first one, is the strategic position of Cyprus with corresponding percentages 9% and 27%.
Mr. Marios Klitou, Chief Executive Officer of Baker Tilly Cyprus, said that "research has shown how important foreign investors believe our tax rate is and how it helps them in taking the final decision to set up companies in Cyprus, either with presence in Cyprus or through representatives”.
“The dependence of Cyprus on the provision of services to foreign investors is huge," continued Mr. Klitou "and therefore our corporate tax rate of 10% must be protected at all costs. The Cypriot authorities and the entire political and business world should stand united and firm in this universal demand. Any negotiations with Troika mission (EU, ECB and IMF) should focus on other measures for improving the economy. If we increase the rate of corporate tax, the impact on the economy and the future of the whole of Cyprus will be tragic and irreversible”.
This quantitative research was conducted by telephone during June 2012 by Noverna Consultants and Research with a total of 126 interviews using a structured questionnaire.
The survey covered mainly international companies / organizations that have a presence in Cyprus as well as commercial attaches in Cyprus and other international organizations providing professional services such as lawyers, auditors and corporate support service providers.
More details on the results of the entire survey will be published in a few days.
The overall positive assessment on the current attractiveness of Cyprus as a business centre is driven mainly by the low tax rate which tops the list of Cyprus’ main advantages.
Specifically, 74% of international companies in Cyprus believe that the low corporate tax rate in Cyprus (10%) is the main advantage of Cyprus to attract foreign companies and investments in Cyprus.
This is supported by the spontaneous responses to an open question as to what they consider as the main competitive advantage of Cyprus.
It is also important to mention that the overall number of references to the tax system is equivalent to 85%.
Second advantage in the series, but far from the first one, is the strategic position of Cyprus with corresponding percentages 9% and 27%.
Mr. Marios Klitou, Chief Executive Officer of Baker Tilly Cyprus, said that "research has shown how important foreign investors believe our tax rate is and how it helps them in taking the final decision to set up companies in Cyprus, either with presence in Cyprus or through representatives”.
“The dependence of Cyprus on the provision of services to foreign investors is huge," continued Mr. Klitou "and therefore our corporate tax rate of 10% must be protected at all costs. The Cypriot authorities and the entire political and business world should stand united and firm in this universal demand. Any negotiations with Troika mission (EU, ECB and IMF) should focus on other measures for improving the economy. If we increase the rate of corporate tax, the impact on the economy and the future of the whole of Cyprus will be tragic and irreversible”.
This quantitative research was conducted by telephone during June 2012 by Noverna Consultants and Research with a total of 126 interviews using a structured questionnaire.
The survey covered mainly international companies / organizations that have a presence in Cyprus as well as commercial attaches in Cyprus and other international organizations providing professional services such as lawyers, auditors and corporate support service providers.
More details on the results of the entire survey will be published in a few days.
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