Cyprus Parliament Raises Taxes

Cyprus Parliament Raises Taxes

 

New amendments concern Corporate Tax and Special Defence Contribution.

Pursuant to the implementation of the decisions of the Eurogroup, the Parliament voted the following:

- Increase of corporate tax rate

The corporate tax rate is increased from 10% to 12,5%, as of January 2013.

- Increase in special defence contribution on bank deposit interest.

The special defence contribution on interest is increased from 15% to 30%, as of the date of the publication of the law. The special defence contribution on interest is payable by both legal and physical persons who are tax residents of Cyprus.

It is important to stress that Cyprus continues to be an attractive jurisdiction for international tax planning purposes. New corporate rate is one of the lowest in Europe, and some incomes are not taxable by corporate rate. There is no withholding tax and no thin capitalization rules in Cyprus, and last year a beneficial tax regime on IP rights income was introduced

© 1997—2014 DS Express, Inc

84, Spyrou Kyprianou, 

2nd floor, Limassol 4004

Cyprus

tel +357 25 731-042

info@dsexpress.com

 

11 Solzhenitsyna Street

Moscow 109004 Russia

tel +7 495 956-1727

fax +7 495 234-0735

info@dsexpress.com

15 Kreshchatik Street, office 149

Kyiv 01001 Ukraine

tel +38 044 237-2222

fax +38 044 278-6714

kiev@dsexpress.com

 

52 Angliyskaya Emb., office 28

St.Petersburg 190000 Russia

tel +7 812 570-1564

fax +7 812 325-723

spb@dsexpress.com

More contact details and office maps can be found in the section Contacts

© 2015 DS Express Ltd  All rights reserved