{"id":19838,"date":"2013-03-27T06:29:31","date_gmt":"2013-03-27T06:29:31","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=19838"},"modified":"2013-03-27T06:30:33","modified_gmt":"2013-03-27T06:30:33","slug":"being-a-tax-haven-will-have-been-a-disaster-for-the-people-of-cyprus","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/03\/27\/being-a-tax-haven-will-have-been-a-disaster-for-the-people-of-cyprus\/","title":{"rendered":"Being a tax haven will have been a disaster for the people of Cyprus"},"content":{"rendered":"<p>The finance sector was Cyprus' number one income earner. But it was not its number one\u00a0employer, by a long way. <a href=\"http:\/\/bilbo.economicoutlook.net\/blog\/?p=23203\" target=\"_blank\">Bill Mitchell found the employment data<\/a>\u00a0from\u00a0its Ministry of Finance, which was as follows:<\/p>\n<blockquote><p>The most recent detailed labour force statistics available from Cyprus are the \u2014\u00a0<a href=\"http:\/\/www.mof.gov.cy\/mof\/cystat\/statistics.nsf\/All\/45093BCB88A1C158C2257712003F5524\/$file\/LABOUR_STATISTICS-2011-301112.pdf?OpenElement\">Labour Statistics 2011<\/a>\u00a0\u2014 publication.<\/p>\n<p>The following Table shows the proportions of employment by main industry sector in relation to total employment (WRT is wholesale and retail trade).<\/p>\n<p><a href=\"http:\/\/bilbo.economicoutlook.net\/blog\/wp-content\/uploads\/2013\/03\/Cyprus_Employment_Shares.jpg\" rel=\"lightbox[23203]\"><img loading=\"lazy\" decoding=\"async\" title=\"Cyprus_Employment_Shares\" alt=\"\" src=\"http:\/\/bilbo.economicoutlook.net\/blog\/wp-content\/uploads\/2013\/03\/Cyprus_Employment_Shares.jpg\" width=\"576\" height=\"273\" \/><\/a><\/p><\/blockquote>\n<p>As the <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/6943b3fe-963a-11e2-b8dd-00144feabdc0.html#axzz2OX17BDOj\" target=\"_blank\">FT notes this morning<\/a>, the impact on all other sectors of the banking crash has already begun. Having been a tax haven will prove to be a disaster fro the people of Cyprus.\u00a0With\u00a0all other economic activity squeezed into the background by an over-expanded finance sector the ripple effect will be enormous.<\/p>\n<p>Sometime soon small states are going to\u00a0realise\u00a0that being a tax haven and\u00a0putting\u00a0all eggs into one highly volatile market really does not pay.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The finance sector was Cyprus&#8217; number one income earner. But it was not its number one\u00a0employer, by a long way. Bill Mitchell found the employment<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/03\/27\/being-a-tax-haven-will-have-been-a-disaster-for-the-people-of-cyprus\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,44,80,32],"tags":[],"class_list":["post-19838","post","type-post","status-publish","format-standard","hentry","category-economics","category-europe","category-secrecy-jurisdictions","category-tax-havens"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=19838"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19838\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=19838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=19838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=19838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}