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The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the ...
Taxation. Taxes in Cyprus are levied by both the central and local governments. Tax revenue stood at 39.2% of GDP in 2012. [1] The most important revenue sources are the income tax, social security, value-added tax and corporate tax, and are all collected by the central government. Income tax is levied on a progressive rate.
Ministry of Finance, Minister: Makis Keravnos. Ministry of Foreign Affairs, Minister: Constantinos Kombos. Ministry of Health, Minister: Popi Kanari. Ministry of Interior, Minister: Constantinos Ioannou. Ministry of Justice and Public Order, Minister: Anna Prokopiou. Ministry of Labour and Social Insurance, Minister: Yiannis Panayiotou [1] [2]
The economy of Cyprus is a high-income economy as classified by the World Bank, [3] and was included by the International Monetary Fund in its list of advanced economies in 2001. [1] [2] Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.
Politics of Cyprus. The Council of Ministers is the executive branch of the Cypriot government, consisting of ministers. The council is chaired by the President of Cyprus and the ministers head executive departments of the government. The President and his ministers administer the government and the various public services .
Cyprus. Cyprus became a full member of the European Union in 2004. Despite being a divided country, the entire island is EU territory. Turkish Cypriots are eligible for EU citizenship, however EU law is suspended in certain areas. [1] [2] Cyprus has two official languages: Greek and Turkish, but only Greek is an official EU language.
Welfare in Cyprus. Cyprus is a high income country with a well established and extensive welfare system. The Social Insurance Scheme ensures access to healthcare, income support, and pensions, with mandatory contributions for all employees and employers. Income support is means tested on the basis of total family income and assets, which often ...
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