Tax treaty with In­dia, CB gaffe, CSE starts

Financial Mirror (Cyprus) - - FRONT PAGE -

A new dou­ble-tax treaty with In­dia could at­tract more com­pa­nies to Cyprus as the is­land com­petes with Mau­ri­tius for off­shore busi­ness, while the Cen­tral Bank has come un­der fire for creat­ing more bu­reau­cracy that would ham­per the ar­rival of off­shore ex­ec­u­tives to live on the is­land, and the CSE of­fi­cially started trad­ing, ac­cord­ing to the is­sue 156, on April 3, 1996.

A new dou­ble-tax­a­tion treaty came April 1 that could open the door to

In­dia treaty:

into

ef­fect on In­dian in­vest­ments in Cyprus, as the is­land will be­come equally if not more com­pet­i­tive to tax haven Mau­ri­tius, the pre­ferred ju­ris­dic­tion for In­dian com­pa­nies. Mau­ri­tius charges $1,500 in reg­is­tra­tion fees, higher than in Cyprus, prompt­ing the In­dian au­thor­i­ties to deny tax con­ces­sions to Mau­ri­tius.

A week af­ter the Cyprus Off­shore En­ter­prises As­so­ci­a­tion called on the au­thor­i­ties to set up a one-stop-shop in or­der to cut down on red-tape and other gov­ern­ment de­lays, the Bar As­so­ci­a­tion and the Cer­ti­fied Pub­lic Ac­coun­tants at­tacked the Cen­tral Bank for creat­ing more red tape and reg­u­la­tions for

CB un­der fire:

the is­sue of work per­mits to off­shore per­son­nel and ex­ec­u­tives. The Cen­tral Bank said it will now re­con­sider and come back with bet­ter pro­pos­als.

The Cyprus Stock Ex­change, suc­ces­sor to the over-the­counter mar­ket, com­menced op­er­a­tions on Fri­day, March 28, with trad­ing in shares and bonds of 36 pub­lic com­pa­nies. The first ses­sion saw trades of CYP 555,000, sub­stan­tially lower than the daily vol­umes of the OTC mar­ket which ranged up­wards of CYP 2 mln from the start of the year. The drop was mainly at­trib­uted to stricter rules for set­tle­ment of deals.

And fi­nalised a deal for the takeover of in a deal worth CYP 8.5 mln.

CSE

of­fi­cial: Hel­lenic Bank

Bar­clays,

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