The tax climate in Cyprus – is the most attractive in Europe
The country with the most favorable tax regime in Europe is the Republic of Cyprus. This conclusion is contained in a study published in Brussels. The study was conducted by the consulting firm KPMG and is based on a survey of experts in the field of tax of more than 400 European companies.
Thus, the level of the tax attractiveness of Cyprus amounted to 90 percent. In second place comes after Cyprus, Ireland, followed by Switzerland and Malta. While the leading EU countries – Britain, France, Germany, Italy, Spain – took the bottom line in this list, it closes in Greece, which level of the tax attractiveness is amounted to 14 percent.
According to Joel Zernask, tax manager at KPMG Baltics AS, the study suggests that small countries are often characterized by a more favorable tax climate. “The governments of these countries are more focused on creating simple and well-managed tax system to attract investors,” – he added.
At the same time Zernask notes that low tax rates usually are not deciding factor in providing attractive tax regime for business, if in the tax laws are complex and unstable. An example of this are Latvia and Lithuania are at the 16 th and 17 th position in the list, despite the fact that tax rates are lower than in most EU countries.
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