On Monday the Cyprus Parliament postponed the voting regarding bank deposits tax introduction as a condition for getting financial aid from the EU again.


Last Friday the finance ministers of the EU member countries have made preliminary decision on financial aid for Cyprus in the amount up to EUR 10 bln.



We publish full official text  of the Address to the Nation by the President of the Republic of Cyprus Mr Nicos Anastasiades dated 17/03/2013 (from


The FATF has developed guidance aimed to assist countries in the conduct of money laundering and terrorism financing risk assessment at national level.


The Head of Cyprus's new Economic Policy Council reported that Cyprus would rise in corporation tax from 10% to 12.5% as part of a bailout deal.

Cyprus continues to negotiate the terms of a bailout from the EU and the IMF. Cyprus applied for a bailout in June 2012, becoming the fifth European country who did so, and it is seeking around EUR 17 bln to recapitalize its banks. The country has already implemented a number of tax rises, including a 2% rise in VAT (from 15% to 17%).


Recently the Netherlands’ Ministerial Council has approved a bill reducing the timeframe for the issuance of final tax assessments by the tax authorities.


After the recent EU Council of Economic and Finance Ministers meeting in Brussels, Luxembourg’s Finance Minister Luc Frieden and his Czech colleague Miroslav Kalousek signed a bilateral double taxation agreement.


The Moscow City Court issued Ruling on December 25, 2012 № 4g/2-12260/12 regarding the case where the real estate possessed by the debtor through a chain of offshore companies was seized by the creditor.



The Inland Revenue Authority of Singapore has issued a Guide making the administrative changes to the objective and appeal process on corporate income tax assessments, which will be introduced with effect from January 01, 2014.


The Swiss Federal Council has decided not to revise the laws ruling foundations and the supervision of foundations in Switzerland.

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