Russell Bedford International
Russell Bedford International

World Bank Survey Points to Major Improvements in Cyprus Business and Tax Regulatory Environment

New World Bank Doing Business report shows Cyprus ranked in 47th place for overall ease of doing business, and up seven places to become one of the top-50 tax environments worldwide.

London, United Kingdom, December 03, 2015 --( Published annually, the World Bank Doing Business project provides objective measures of business regulations for local firms in 189 economies worldwide. The new report, Doing Business 2016: Measuring Regulatory Quality and Efficiency, shows Cyprus moving from 60th to 47th place in terms of the easiest countries in which to do business, and up seven places (from 51 to 44) to become one of the world’s top 50 tax regimes worldwide.

Member firms of the Russell Bedford International accounting network, including Russell Bedford member firm P.G. Economides & Co, Cyprus, contributed data to the report’s Paying Taxes survey.

Chairman Peter Economides commented: “It is gratifying to see recent regulatory reforms recognised in contributing to the improved business and tax environment in Cyprus. Recent changes to tax legislation in Cyprus, including amendments to the Income Tax Law, the Special Contribution to Defence Law, and the Capital Gains Tax Law, are clearly delivering results for both individual businesses, and the country’s reputation as an investment destination.”

About P.G. Economides & Co Limited

P.G. Economides & Co Limited, Chartered Certified Accountants, was established in London in 1972. Since then, the company has grown to become a full-service accountancy practice, led by five directors who between them share over 150 years of experience in Cyprus and the United Kingdom. P.G. Economides & Co Limited is a member of the Institute of Certified Public Accountants (ICPAC), the regulatory body of the accounting profession in Cyprus. The company holds a Gold Approved Employer Status by the Association of Chartered Certified Accountants (ACCA) in recognition of the high standard of training and development opportunities the organisation provides to trainees and professionals. The company’s client base is diverse and multinational, and includes start-ups, entrepreneurs, high-net-worth individuals, medium-sized businesses and non-profit organisations.

P.G. Economides & Co Limited
T: +357 25 559 000

About Russell Bedford International

Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by some 600 partners, 5000 staff and 290 offices in more than 100 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific. Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.


Kempton Bedell-Harper,
Russell Bedford International
T: +44 20 7410 0339

About the World Bank Doing Business project

The Doing Business project provides objective measures of business regulations and their enforcement across 189 economies and selected cities at the subnational and regional level.

The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.

By gathering and analysing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages economies to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each economy.

In addition, Doing Business offers detailed subnational reports, which exhaustively cover business regulation and reform in different cities and regions within a nation. These reports provide data on the ease of doing business, rank each location, and recommend reforms to improve performance in each of the indicator areas. Selected cities can compare their business regulations with other cities in the economy or region and with the 189 economies that Doing Business has ranked.

The first Doing Business report, published in 2003, covered 5 indicator sets and 133 economies. The new report covers 11 indicator sets and 189 economies. Most indicator sets refer to a case scenario in the largest business city of each economy, except for 11 economies that have a population of more than 100 million as of 2013 (Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United States) where Doing Business, also collected data for the second largest business city. The data for these 11 economies are a population-weighted average for the two largest business cities. The project has benefited from feedback from governments, academics, practitioners and reviewers. The initial goal remains: to provide an objective basis for understanding and improving the regulatory environment for business around the world.
Russell Bedford International
Kempton Bedell-Harper
+44 20 7410 0339