New tax measures in Cyprus

24. April 2013

New tax measures have been approved by the Cyprus parliament yesterday and among most relevant are: 

 

  • Increase of Corporation Tax to 12.5%
  • Special Defense Contribution on deposit interest will be 30%. Interest from normal trading activities of the Company will still be subject to Corporation tax (12,5%)
  • Special Defense Contribution on dividends remains the same. That is 0% for non-Cypriot Tax residents, 0% for Cyprus Companies and foreign Companies, and 20% ( as from 1/1/2014 will be 17%) for Cypriot Tax residents (physical persons)

 

No other measures are expected to be announced in the foreseeable future other than Tax incentives that are expected to be announced today by the Government as part of a package that aims to boost the Cyprus Economy.

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