This article is contributed by Elle Dionysiou.
Cyprus is more popularly known in the business community as one of the best tax havens in the world. It is a place where companies choose to build primarily because of the highly advantageous Cyprus tax benefits that the country has to offer, though there are other important benefits as well.
Tax planning in Cyprus can help most businesses save a significant amount on their annual tax bill. Small businesses love the fact that they can often reduce their tax bill by 50% or more, and large corporations can save millions each year.
What is tax planning?
Tax planning is simply a method of making decisions about your business which will help lower your taxes. Even though the corporate tax rate in most countries, including Cyprus, is a set percentage there are ways to lower it. One of the best ways to ensure a stable and low tax rate year after year is to move your company to Cyprus.
By moving to Cyprus you are making sure that your company will be under a new and much lower corporate taxation rate. This is basically what tax planning is all about. Since the corporate tax rate in Cyprus is 10%, that is the amount you’ll pay. Many other countries have rates that are double or even triple that rate.
Where does Cyprus come into this?
Cyprus has long been known as the ideal place to bring a new business, or one that is looking to relocate for tax benefits. The government of Cyprus believes that keeping their tax rates low will help both businesses and the country. The more businesses it attracts the better off the country will be. This means that Cyprus is a country in which taxes in general are lower, more manageable, and more favorable for both individuals and businesses.
What can Cyprus offer your company?
Now that we have established why Cyprus is a good choice to consider, you should have a look at this list of things that Cyprus can offer your company.
Cyprus is known as a low tax country
As mentioned earlier, Cyprus is widely recognized as one of the best low tax regimes in the whole world. You won’t find a place any better than this.
Cyprus has the lowest corporate tax rate in Europe
With a corporate tax rate of 10%, you can be sure that your company’s funds will not be sucked dry when tax day comes around. You can also expect this rate to remain consistent for many more years to come.
The Cyprus tax system is very beneficial to corporations
As part of your overall tax planning strategy, moving to Cyprus can often save your corporation a significant amount of money every year.
It is very quick and easy to register your company in Cyprus
If you do choose Cyprus as your company’s base, you will benefit from the simple process of registering your company in Cyprus. You’ll definitely enjoy how quick and easy you will be able to take advantage of Cypriot company privileges.
As you can see, Cyprus tax planning can truly be the answer to your problem of high tax rates.
So, what are you waiting for?
Check out Cyprus for your company today and save yourself from those sky high corporate tax rates!
Author Bio: Elle Dionysiou is well known in the Cyprus business scene because of her work regarding taxes and her studies on how it directly affects company management. She has experience in the field of business registration as well.
Image Credit: columns in Cyprus (mirrored) image courtesy of MorgueFile