Tax-News.com: Cyprus Praised For Putting Its Finances In Order

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The International Monetary Fund has praised measures taken by Cyprus ”“ including the hike to the corporate income tax to 12.5 percent, the increase in the VAT rate to 18 percent, and the tax hike on interest to 30 percent ”“ as part of an "ambitious fiscal consolidation" plan, which the Fund said has significantly improved the territory's finances.

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