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|
(denominated in US dollars)
|United Arab Emirates||3.326%||6.326%|
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]