Cyprus - not a tax haven come 1 January 2005

tax       2003-06-13 
The Cypriot Finance Ministry confirmed earlier this week that Cyprus will be adopting in full the recently agreed European Union tax directive, and that it intends to implement the new rules by January 1 2005.
The tax package was finally adopted last week after years of deliberation between member states and other jurisdictions directly affected, most notably Switzerland. The three-pronged directive seeks to eliminate banking secrecy by allowing exchange of information between member states concerning individuals' savings income. It also seeks to do away with the double taxation of royalties and interest payments for companies, and establishes a business Code of Conduct aimed at preventing harmful tax competition.