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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.
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 Economic Adjustment Programme for Cyprus, usually referred to as the Bailout programme, is a memorandum of understanding on financial assistance to the Republic of Cyprus in order to cope with the 2012–13 Cypriot financial crisis . It was signed in March 2013 by the Cypriot Government on one hand, and on the other hand by the European ...
Health care in Cyprus accounted for 7% of its GDP in 2014. [1] Between 2010 and 2014, health care spending increased from $1,705 per capita to $2,062 per capita. [2] [3] Cyprus has a multi-payer health care system that consists of a public and private sector. [2] The public sector is funded by payroll, earnings taxes, and employer contributions ...
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 ...
The Central Bank of Cyprus ( Greek: Kεντρική Τράπεζα της Κύπρου Turkish: Kıbrıs Merkez Bankası) is the Cypriot member of the Eurosystem and has been the monetary authority for the Republic of Cyprus from 1963 to 2007, issuing the Cypriot pound. Since 2014, it has also been Cyprus's national competent authority within ...
Politics of 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 .
Ministry of Finance of the Turkish Republic of Northern Cyprus (Kuzey Kıbrıs Türk Cumhuriyeti Maliye Bakanlığı), is the ministry in North Cyprus responsible for government finance. Ministers of Finance. Rüstem Z. Tatar, August 1974 - July 1976; Mehmet Altinay, July 1976 - December 1976; Mustafa Çağatay, December 1976 - July 1977
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