Cyprus May Rise Corporation Tax to 12.5%

Cyprus May Rise Corporation Tax to 12.5%

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%).

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