HomePage | Contact Us | About Us

Web worldwide-tax.com

Cyprus Tax News 2009

Cyprus Italy Income Tax Treaty June 2009 Cyprus and Italy signed on June 4, 2009 a new protocol amending the existing tax treaty between the two countries. The new protocol is a result of amendments in the domestic Cypriot laws allowing for exchange of information which was previously protected by Cyprus's laws. Following the treaty Italy will remove Cyprus from the Italian CFC blacklist. Before the removal undistributed income of a Cypriot susidiary held by a parent Italian company was a taxable income of the parent company. The protocol is expected to come into effect before the end of this year, following domestic legistlation in both countries. Cyprus Tax Rates 2009 March 2009 There are no significant changes in Cyprus 2009 rates compared to 2008. The corporate income tax rate, personal income tax rates and the V.A.T rates, both standard and reduced rates, are the same as in 2008. Cyprus Tax Rates 2008 May 2008 In 2008 there are no significant changes in Cyprus tax rates, compared to 2007. The 2008 corporate tax rate is 10%, 25% for semi-government bodies. Income tax rates for individuals are 20%-30%. The standard VAT rate in Cyprus is 15%. There are reduced VAT rates of 8% and 5%. Cyprus Income Tax Rates January 2007 In the year 2007 the tax rates in Cyprus remain the same as in 2006. Cyprus's corporate tax rate is 10%, 25% for corporated bodies. Individual 's income tax rates are 20%-30%.Income below CYP 10,000 is tax exempt.

© All copyrights reserved