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Taxation. 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.
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 ...
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.
Welfare in Cyprus. Cyprus is a high income country with a well established and extensive welfare system. The Social Insurance Scheme ensures access to healthcare, income support, and pensions, with mandatory contributions for all employees and employers. Income support is means tested on the basis of total family income and assets, which often ...
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The United Nations High Commissioner for Refugees Representation in Cyprus is an office of the United Nations High Commissioner for Refugees (UNHCR) opened in August 1974 upon the request of the Government of Cyprus [1] [2] and the Secretary-General of the United Nations. UNHCR Representation in Cyprus was designated as Coordinator of the ...
A solidarity additional tax of 2.5% is applied on income between €80,640 and €250,000. All income above €250,000 is taxed a further 5%. Spain. Spanish income tax includes a personal tax free allowance and an allowance per child. In 2012 a special temporary surcharge was introduced as part of austerity measures to balance the budget.
May 2, 2024 at 3:55 AM. NICOSIA, Cyprus (AP) — The Cyprus government has given Chevron another six months to come up with a revised plan to develop a sizeable natural gas deposit off the island ...