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Cyprus’ lenders arrive for fifth review

Cyprus’ international lenders (Troika), consisting of the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF), arrived yesterday on the island and will begin the fifth evaluation of the country’s economic adjustment program today.

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S&A is awarded “Cypriot Tax and VAT Advisory Firm of 2014” by InterContinental Finance Magazine

Savva & Associates (S&A), a leading independent provider of Global Business Services in the fields of tax, VAT, corporate services, and accounting, based in Cyprus and Canada, has been awarded Cypriot Tax and VAT Advisory Firm of the Year”, by InterContinental Finance Magazine (ICFM).

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New Funds law adopted in Cyprus

The House of Representatives has unanimously passed yesterday, 10th of July 2014, the brand new Alternative Investments Law of 2014.

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Fitch upgrades BOC and HB

Fitch Ratings Αgency upgraded the Long-term Issuer Default Ratings (IDR) of Bank of Cyprus Public Company Ltd (BoC) to ‘CC’ from ‘RD’ and Hellenic Bank Public Company Ltd`s (HB) to ‘CCC’ from ‘RD’.

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Immovable property tax reduction bill passes

Today a bill on the exemption of Immovable Property Tax (IPT) has been approved by the Cyprus Government.

The bill excludes owners of property with a value less than €200,000 from paying IPT. Owners whose property exceeds the value of €200,000 will be subject to an IPT levy of 0.1%.

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Cyprus ranked 18th “Best” Country

Cyprus has been ranked the 18th “best” country in the world, according to ‘The Good Country Index’. 

The Index ranks all countries worldwide based on how far each country contributes to the “greater good” of the world, e.g. whether it’s a net creditor to mankind, a burden on the planet, or something in between.

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Cyprus’s economic programme remains on track

The 4th review of Cyprus' economic program supported by financial assistance from the European Stability Mechanism (ESM) and the IMF took place between 6-17 May, 2014 and was successfully completed. 

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