CYPRUS DEFENSE TAX GUIDE FOR COMPANIES

Governments have the right to impose any tax they wish. Cyprus, for instance, has a 15 percent defense tax. This levy is due on June 30 and December 31 each year. Defense tax is imposed on certain income earned by Cyprus residents and resident companies. However, this article explains payments and exemptions relevant to resident […]

‘TRUST’ IN CYPRUS WHEN ESTABLISHING AN INTERNATIONAL TRUST

An international trust is a valuable vehicle for preserving family wealth, estate planning, asset protection, confidentiality, tax planning and more. International trusts are domiciled outside of one’s own country of citizenship and benefits grantors/settlors with more favorable laws than are available in other jurisdictions. In 1992, Cyprus enacted The International Trusts Law, making the island […]

YOUR CYPRUS COMPANY TAX QUESTIONS ANSWERED

If you’re considering registering a Cyprus company, you probably have questions about tax laws. You might wonder if your Cypriot company has to pay tax, and if you’ll be able to benefit from double tax treaties. You might also wonder, in the case of a dispute, in which country will the resolution be handled? Does an Offshore Cyprus […]

RUSSIAN INVESTORS EXPECTED TO FLOCK TO CYPRUS INVESTMENTS

On February 15, 2012, Cyprus and Russia further strengthened their longstanding economic cooperation when Russia’s State Duma Sergey Naryshkin ratified the amending Protocol to the Cyprus-Russia Double Tax Treaty of 1998. Since the original signing, the Double Tax Treaty has been again signed in 2010 and ratified in 2011. These agreements have led to a […]

AMENDMENTS TO TAX LAWS

On 26 August 2011 the House of Representatives of Cyprus voted a number of amending laws which were presented by the Government as a first package of austerity measures toward the increase of State revenue and reduction of State expenditure. The Income Tax Law  A new tax band has been introduced at the rate of 35% for income […]

NEW TAX MEASURES 2011

On 14 December 2010, the Cyprus Parliament, in an effort to combat tax evasion and tax avoidance has passed a number of changes in the tax legislation. We hereby summarise the main changes in the Cyprus tax legislation in the following sections: A. Income Tax Law B. Special Defence Contribution Law C. The Assessment and […]