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The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the ...
Taxation in Cyprus. Taxes in Cyprus are levied by both the central and local governments. Tax revenue stood at 39.2% of GDP in 2012. [1] The most important revenue sources are the income tax, social security, value-added tax and corporate tax, and are all collected by the central government. Income tax is levied on a progressive rate.
Cyprus has four exclaves, all in territory that belongs to the British Sovereign Base Area of Dhekelia. The first two are the villages of Ormidhia and Xylotymvou . Additionally there is the Dhekelia Power Station, which is divided by a British road into two parts.
The economy of Cyprus is a high-income economy as classified by the World Bank, [3] and was included by the International Monetary Fund in its list of advanced economies in 2001. [1] [2] Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.
Council of Ministers (Cyprus) The Council of Ministers is the executive branch of the Cypriot government, consisting of ministers. The council is chaired by the President of Cyprus and the ministers head executive departments of the government. The President and his ministers administer the government and the various public services .
The Cyprus government and U.S. energy company Chevron have reached a deal on how to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus, an official Friday.
The Constitution of Cyprus is a document, ratified on August 16, 1960, that serves as the Supreme Law of the Republic of Cyprus (Suprema Lex Cypri) defining the system of government of the Cypriot Republic and the civil liberties for the Cypriot citizens. Cypriot government. [1]
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