. * Do new CFC rules contradict relevant double tax treaty provisions? The new deoffshorisation legislation that passed with lightning speed through Russia’s Parliament and then hastingly signed by President Putin in the time span of a week and a half, comes into force on January 1, 2015. It introduces new fundamental rules, concepts and
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Canadian-owned Senvest Capital, whose two subsidiary funds have doubled their stake in Hellenic Bank to 5% following the recent rights issue and exercise, plans to hold on to its Cyprus investments, including shares worth nearly 60 mln euros in Bank of Cyprus, for up to three years. This is an additional vote of confidence in
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India is considering removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation, reports from New Delhi have suggested. India had blacklisted Cyprus in 2013 for not sharing information about tax evaders. "They (Cyprus) have given some information. We are just examining whether
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As the year drew to a close, German companies were planning to recruit more staff. The Ifo Employment Barometer rose to 106.7 index points in December from 105.4 points in November. Service providers were once again the main driver behind this development. In manufacturing the employment barometer rose considerably, with firms gradually abandoning their cautious
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. There is no doubt in anyone’s mind that the potential demise of our national carrier is all-round bad news, both for the economy in general and the struggling tourism sector in particular. But recent events have revealed the extent to which meritocracy has been thrown out the window in exchange for political and other
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The unemployment rate rose to 16% of the labour force in the third quarter of 2014, from 15.4% in the previous quarter, according to the Cyprus statistical office Cystat. The unemployment was higher for men 16.8% compared to the 15.2% for women. According to the Labour Force Survey for the third quarter, the number of
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The level public debt is expected to rise to 18.9 bln euros by the end of 2014, from 18.4 bln at the end of 2013, according to the Finance Ministry. A document prepared by the Ministry, titled “Medium-term debt management strategy 2015-2019” notes that debt maturities are estimated at 1.3 bln euros for 2015, will
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The European Union is changing its approach to the sanctions against Russia which Cyprus has always decisively opposed, Foreign Minister Ioannis Kasoulides said in an interview with TASS. “Cyprus was always very careful and reluctant of the use of the sanctions. We have never been happy with this policy and we have said it so
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VTS Vasiliko Terminal Services Ltd (VTS) announced the launch last week of its operations at the jetty of VTT Vasiliko Ltd (VTTV) oil storage terminal. Under a license agreement signed with the Cyprus Ports Authority (CPA), whereby CPA receives fees, VTS will be providing marine services to the terminal including pilotage, towage, mooring and sludge
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The political and economic situation in Cyprus is “more stable” than that in Greece, Finance Minister Haris Georghiades said, adding that the authorities are not concerned about an fall-out from the elections and the free-fall of the Greek stock market and bond yields. “I hope there is no political instability in Greece for the sake
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