Success is such a broad concept, and everybody understands it differently. For some, success is having a beautiful family with kids, for others - it is having a high profile job in a big corporation, for others - it is traveling from country to country learning different cultures and having new experiences every day. It might be something totally different to you, and that’s okay. Whatever it is for you, there are 7 indisputable laws for achieving success in life.
1) Be confident
It is simple, but not easy. Confidence is key to successful communication, decision-making, progress, achieving goals and following your dreams! Remember an occasion when you felt really really confident, as if you knew that whatever you did, you could not fail. Remember what you were hearing, seeing, feel-ing, and telling yourself in that moment. Remember your face expression, your body movements, your gestures in that moment. Step in that moment again and again, and move forward! And if it is difficult in the beginning, that is okay. Fake it till you make it.
2) Be consistent
Consistency is what makes it or breaks it. You can have the best idea in the world but if you don’t follow up on it, or if you don’t move towards your goals every day, bit by bit, then you are moving away from your dreams. The results will be there. Keep showing up. Keep showing up. One step a day.
3) Focus on what you want
Focus on what you want rather than on what you don’t want. So many people keep repeating “I don’t want to have this”, or “I don’t want to feel that”. But when you ask them, so what do you actually want to have or do, they simply don’t know! What you focus on is what you get. Focus on the things you really want. Start with simple things: change your language first.
4) Trust yourself
We all make mistakes. Successful people make a lot more mistakes because they try many more things in life. Trust yourself to get back up on your feet again and again, and keep going towards your goals and dreams. Allow yourself to be perfectly imperfect and make mistakes. This is how we learn and grow, and, consequently, succeed in life.
5) Expand your comfort zone
All of us have a very strong need for certainty. On some level, all of us need to feel safe and protected, confident, and secure. Sometimes we get so caught up in the comfort zone, that it becomes increasingly difficult to get out there and try new things. Get yourself into scary situations as often as possible. You don’t have to know the answers to every question but do your very best and you learn to rely on yourself. You will discover that you have everything you need to succeed already within you.
6) Take responsibility for your life
Once you take full responsibility for your success and failures in life, then you realize that you have all the power to bridge the gap between where you are and where you want to be. Make better choices. Not acting or giving up are also a choice.
Action is the main vehicle to success. Without action nothing would ever happen. In order to turn your dreams into plans you need ACTION. Be bold, be courageous, be consistent. Act.
Cheers to your success!!!
Contact me at firstname.lastname@example.org and find out how to accelerate your success and move your life to the next level!
Accordingly it is stated that the consultation between Cyprus and India is aimed at addressing the issues of an effective exchange of information between the 2 countries, and the long pending renegotiation of their Double Tax Treaty (DTT), which is in force since 21 December 1994.
It has been agreed that the circumstances which have caused India to notify Cyprus as a “notified jurisdictional area” (under section 94A of the Income-tax Act 1961) on 1 November 2013, are immediately to be solved by:
• Agreeing to adopt the provisions of the new Article 26 of the OECD Model Tax Convention (approved by the OECD Council on 17 July 2012) relating to Exchange of Information in a new DTT between the 2 countries
• Improving the channels of communication and exerting every effort in facilitating each other in processing requests and responses in a swift and effective manner.
Since the above mentioned measures concerns the renegotiation of the existing DTT between Cyprus and India, the new DTT is expected to be progressed swiftly.
Finally, based on the discussions held, it was agreed that once the notification of Cyprus as a “notified jurisdictional area” under section 94A of the Indian Income-tax Act 1961 is withdrawn, it will be with retrospective effect from 1 November 2013, the date when the notification of India was issued.
Income from financing activities and loans between related companies
Loans between related companies are considered to be part of the normal operating activities of a company which are taxed under Corporation Income Tax (CIT) and not Special Defence Contribution (SDC). The pre-accepted profit margins by the IRD are only for transactions between related companies which are free from credit and currency risk. Alternatively, the IRD has the right to calculate deemed income which is subject to CIT.
Balances between related companies/ related parties
Balances between related companies, excluding loans to parent companies, must carry interest based on market rates. If no interest is charged or the interest rate used is lower than the market rate then the IRD is entitled to adjust the interest rate and charge notional income which is subject to CIT (not subject to SDC). The above provisions came into effect from January 1 2011 and until December 31 2010, a 9% notional interest p.a. was charged on related companies’ balances, which was subject to SDC.
Until December 31 2011, the IRD would charge 9% notional interest on loans given by a company to its shareholder or director (only if physical person). Since January 1 2012, the notional interest is considered a benefit to the director/shareholder and not to the company. Therefore now the 9% notional interest must be taken into account when calculating the Pay As You Earn (P.A.Y.E) for directors/shareholders and are to be taxed as any other income from employment. Since January 1 2012 there is no SDC applicable on this notional interest.
For directors/ shareholders (physical persons only) who are not Cyprus tax residents and owe money to their companies, the notional interest 9% is calculated based on the days that they were in the Republic. In case that the debt of a shareholder, (physical person and Cyprus tax resident) is written off, then this transaction is considered to be a distribution of dividends and is subject to SDC at the prevailing rate.
Deductions for Interest paid
Until December 31 2011, any interest paid for the acquisition of shares or deemed to be interest paid for the acquisition of shares was a disallowed expense for tax purposes (applied for the first seven years from the acquisition of the investment). From January 1 2012, any interest relating to the acquisition of 100% of the shares of subsidiaries in Cyprus or abroad is now a tax allowable expense under some circumstances.
Any interest paid for the purchase of interest bearing securities, is considered an allowable tax expense.
The clarifications provided by the IRD are intended to guide the professionals as well as the corporations to take necessary actions accordingly in order not to face fines in the future.
As a result of the banking crisis, the measures that have been implemented are expected to reinforce the Cyprus’s banking system and make it healthier and fundamentally stronger. Despite the turmoil in the banking sector, it is important to highlight that the corporate sector in Cyprus still stands strong as nothing has changed on those benefits Cyprus offers to international businesses when it comes to corporate structuring. The Cyprus banking crisis is not a barrier to transactions and investments in or through Cyprus. The use of Cyprus companies in international structures has not been affected and their use is still highly efficient. The ambiguity created by the recent developments in the banking sector has not affected the demand for structuring projects and investments with the use of Cyprus companies. Finally, the increase of corporate tax rate from 10% to 12,5%, still places Cyprus as a low tax jurisdiction within the EU.
Moreover, the advantages of holding companies, the majority of companies registered in Cyprus, will not be affected as the rule of no withholding taxes will not be changed. There is zero withholding tax on payment of dividends to non-tax residents, while there is a zero capital gains tax for transactions that do not involve immovable property situated in Cyprus.
The extensive double tax treaty network of Cyprus is still in place offering its benefits to the great number of foreign investors in the island. The Cyprus companies are still enjoying the tax incentives offered, the EU Directives, which have been fully implemented in Cyprus, are still applicable and the high level of confidentiality and secrecy rules have not been shifted. Cyprus Companies, such as financing, holding, trading, royalty (for which the effective tax rate, after the application of the measures will be 2,5% instead of 2%) and more, have not lost their advantageous edge and benefits.
International Cyprus Trusts, which are significantly used for protection of assets and preservation of family wealth, have provided considerable beneficial tax advantages which have not been altered. Their provisions and their application is still fully effective and in force. For many years now, Cyprus has achieved and gained its title as a solid economic and business model worldwide and the recent developments cannot alter this. The existing legal system, the beneficial tax regime and the qualified professionals that have provided high quality services to local and foreign investors are intact and still well-built.
Cyprus, despite all, remains an attractive international business centre.