The Cyprus Tax Department recently announced, on 31 December 2016, that the ten-year government bond yield rate of the below listed countries, has increased by 3%.
As stated by the Tax Department, their “reference rate” for the purposes of granting tax allowance on new capital, as per article 9B of the Income Tax Law N.118(I)/2002, as amended from time to time, is as follows and this will be the basis used for notional interest deductions in the 2017 tax year:
Country | Bond Yield Rate | Ref. rate for 2017 |
Cyprus | 3.489% | 6.489% |
Czech Republic | 0.414% | 3.414% |
Germany | 0.204% | 3.204% |
India | 6.878% | 9.878% |
Latvia | 0.894% | 3.894% |
Poland | 3.627% | 6.627% |
Romania | 3.748% | 6.748% |
Russia (denominated in US dollars) | 8.380% WANT TO BUILD A FINANCIAL EMPIRE? Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information. 4.409% | 11.380% 7.409% |
Ukraine | 8.705% | 11.705% |
United Arab Emirates | 3.326% | 6.326% |
United Kingdom | 1.326% | 4.326% |
Savva & Associates have significant experience in providing comprehensive Cyprus tax planning and can offer advice regarding company and investment structures and trusts. We can also offer clients high-level EU VAT/VIES advice that ensure that all our client companies are fully compliant with EU and Cypriot VAT laws.
For a free initial consultation and to discuss your particular circumstances with our experts please contact Mr. Charles Savva at [email protected]