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Cyprus Tax Deductions













In addition to the deductions/credits listed above, deductions and business expenses may be claimed as specified below:
  • Offset of losses - A loss may be offset forward with no limit.
  • Transactions between associated parties - These are transactions with companies with ownership ties or a significant identity of control. Where transactions with associated parties are concerned, the transactions are meticulously checked by the Tax Authorities, and prices compared to the accepted market prices.
Depreciation of Fixed Assets

- The depreciated balance method or the straight line method are the usual methods of depreciation in Cyprus.
- The following is a Depreciation Table (Straight Line):

Class of Asset Annual Depreciation (%)
Commercial buildings 3
Industrial buildings

4 (Some hotels are eligible for an
additional deduction of 25% of cost).
Vehicles 20
Computers
Software
20
33.3
Office Equipment 10
Machinery and Equipment 10







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