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Alarmed for CY tax system

12/06/2012 15:15
Entrepreneurs sounded the alarm for the tax system of Cyprus if the country appeals to the support mechanism and urged the government to react.

Chairman of Institute of Certified Public Accountants of Cyprus, Theodoros Parperis, after his meeting with DISY President Nicos Anastasiades, stressed that the island’s tax system must be protected. “If Cyprus joins the mechanism, it will go through difficult times as financial centre”, he said.

Mr. Parperis urged the government, the parties and the businessmen in a coalition to support the offshore companies.

“Competitive countries such as Luxemburg, the Netherlands and Malta are being constantly developed as international financial centres”, he said.

Similarly, CIPA Chairman, Christodoulos Angastiniotis agreed that Cyprus will go through rough times as foreign investments centre. “45% of GDP stems from foreign investments and 80% of the corporate tax from foreign investments”, he said.

According to Mr. Angastiniotis, Mr. Anastasiades was told that CIPA must be strengthened so as to promote Cyprus abroad.