That doesn't mean that the figures can't change. It's simple, practical and most important, it's already been approved by the EU, said Eftekhar. Nevertheless, the Vienna model is unlikely to appeal to the government, and Vassiliou has gone on record that if offshore companies don't want to pay any tax, then they can jump ship to the Caribbean. The second government-commissioned report is to be unveiled on June 6, and on June 20 the Vienna team is holding a seminar at the Nicosia Hilton to discuss its proposals. The government has often cited excellent infrastructure and advantageous location as other benefits, apart from low tax, for the large offshore community in Cyprus, but Eftekhar was adamant that taxation was the major issue.
All factors are very important, but at the end of the day, tax is a cost.
If the piece doesn't fit the jigsaw then you can't complete the puzzle, he said. George Vassiliou was unavailable for comment this week and representatives from the Finance Ministry were unwilling to discuss the matter with Sunday Mail this week. Nevertheless, CIBA still hopes the waiting game will end by this month at the latest. The heir to the throne, Prince Dipendra, is reported to have shot dead up to 11 members of his family during a banquet in a manic shooting spree on Friday night. The Crown Prince is thought to opened fire with a semi-automatic after a row with his family over his choice of bride, the daughter of a former government minister.