Tax-News.com: Cyprus Praised For Putting Its Finances In Order

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The International Monetary Fund has praised measures taken by Cyprus – including the hike to the corporate income tax to 12.5 percent, the increase in the VAT rate to 18 percent, and the tax hike on interest to 30 percent – as part of an "ambitious fiscal consolidation" plan, which the Fund said has significantly improved the territory's finances.

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