NEWSROOM

Transfer Pricing - Assessment Method for Financing Transactions
14/07/2023

Through a circular issued on 7 July 2023, the Cyprus Tax Department (TD) clarified the method it considers as the most appropriate for determining the arm’s length pricing for financing transactions, including those of a “back-to-back” nature.

Transfer Pricing Circular for Transactions Under the Local File Threshold
12/07/2023

The Cyprus Tax Department issued a circular for transactions falling below the threshold for the preparation of a Local File.

Change in Deadline for Payment of SCD on Rental Income
10/07/2023

The amendment relates to the deadline for payment of Special Contribution for Defense on rental income, in cases this is withheld at source. The tax should be paid...

Important Amendments on 50% Income Tax Exemption
03/07/2023

On 22 June 2023 the Cyprus Parliament approved further amendments to the Income Tax Law in relation to this incentive.

Reduced VAT Rate on Purchase or Construction of New Residence
13/06/2023

On 8 June 2023 the Cyprus Parliament approved the bill on the application of a 5% VAT rate on the purchase or construction of a property to be used as the main and permanent residence by the buyer/s.

Extension of Deadline for Submission of Personal Income Tax Return for 2022
12/06/2023

The Cyprus Tax Department announced on 9 June 2023, that the deadline for submission of the Income Tax Return for the year 2022 is extended from 31 July 2023 to 2 October 2023.

Double Tax Treaty Between Cyprus and the Netherlands Enters in to Force
01/06/2023

The ratification procedure in both countries has been completed and the Double Tax Treaty will enter in to force on 30 June 2023. It will generally apply as from 1 January 2024.

Reference Interest Rates for Notional Interest Deduction on Equity
01/06/2023

The Cyprus Tax Department issued an announcement on 23 May 2023 concerning the 10-year government bond yield rates as at 31 December 2020, 2021 and 2022 for a number of countries.

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