Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

CALCULATING THE CYPRUS CAPITAL GAINS TAX LAW

Investing - Global Banking | Finance

The recent growth in applications by foreign investors for Cyprus citizenship, offers a good opportunity to refer to the important amendments to the Capital Gains Tax Law of late last year. Capital gains in Cyprus relate to the profit upon sale of real estate situated on the island, which are taxed at the rate of 20%. This rate is charged on gains from disposal of real estate in Cyprus, including gains from the disposal of shares in unlisted companies owning real estate in Cyprus to the extent that the gain derives from the company’s real estate assets. Laws 119(I) of 2013 and Law 120(I) of 2013 have been amended to the Capital Gains Tax Law (“CGT Law”).

SALOGO CMYK - Global Banking | FinanceThe said amendments to the CGT Law made two important provisions: (a) the definition gains was widened to include gains accrued from a disposal of rights derived from a contract of sale of real estate property (such as an assignment of rights), and (b) it was confirmed that the value of the property for the purposes of calculating capital gains tax, is to be determined in accordance with, not only the general valuation as at 1st January 1980 but also with other relevant provisions of the Immovable Property (Tenure, Registration and Valuation) Law.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post