Cyprus authorities do not intend to raise the corporate tax rate

Cyprus authorities said they did not intend to raise the corporate tax rate, in response to the proposal by Germany and France to introduce a single for all EU countries the rate of 17%, said the publication "Bulletin of Cyprus". The lowest in Europe, a 10 per cent corporate tax is considered an important advantage of Cyprus in attracting foreign investment. "We do not intend to make any changes to the existing rates or harmonized tax base, which may adversely affect the competitive advantage of Cyprus. Our position is based on the fact that each country sets taxes and determine the process for their production ", - quotes the words of the Minister of Finance Charilaos Stavrakis," Bulletin of Cyprus ". According to the newspaper, foreign business investments bring the Cyprus economy about 5 billion euros per year, which is more than the profits from the tourism industry. It should be noted that the proposal by Germany and France was not supported by the president of the EU and can not receive further development. According to the publication "Bulletin of Cyprus" .