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Cyprus Tax News 2015













Cyprus Bahrain Tax Treaty


May 2015
Cyprus and Bahrain signed on March 9, 2015 a double tax treaty, DTA.
The tax treaty which is in line with the OECD model agreement will enter into force on January 1, 2016.


Cyprus Unified Tax Authority


May 2014
The cabinet decided on April 23, 2014 to form a new unified tax authority which will replace the existing two separate authorities, the income tax and the VAT authorities.
The bill has yet to be approved by the Cypriot parliament.


Cyprus VAT Rates 2014


January 2014
Starting January 13, 2014 the new standard VAT rate in Cyprus is increased from previous 18% to 19%.
The reduced VAT rate of 5% remains unchanged while the super reduced VAT rate is increased from 8% to 9%.


Cyprus Portugal Double Tax Treaty


September 2013
The double tax treaty of 2012 between the two countries entered into force on August 16, 2013 applying from January 1, 2014.
According to the tax treaty the tax withholding rate for payments of dividends interest and royalties is 10%.
In general double tax treaties between two countries are boosting mutual investments between the countries offering reduced tax withholding rates from payments of dividends, interest and royalties.
The tax treaty often includes an exchange of tax information clause and definition of a permanent establishment for activities carried in the other country.
It also clarifies certain cross border tax issues.
E.g the treaty would define in what country tax is to be paid when a service supplier/consultant from country A provides services in country B.
In some treaties there is a tax credit under certain terms. e.g. an exemption to a consultant from country A of X dollars per each day of staying in country B in order to supply the taxable services.


Cyprus V.A.T. Rise


January 2013
Starting January 14, 2013 the standard V.A.T. rate will increase from current 17% to 18%.
The new 18% rate will further increase to 19% starting January 13, 2014.
From January 13, 2014 the reduced V.A.T. rate of 8% will increase to 9%.


Cyprus New 17% V.A.T. Rate


March 2012
As from March 1 2012 the new standard V.A.T. rate in Cyprus is 17% compared to the previous standard 15% rate.
There is no change in the reduced V.A.T. rates of 8% and 5%.


Cyprus Removed From Portugal's Black List


November 2011
Cyprus was removed on November 8 from the Portuguese black list of tax havens. Prior to the removal Portugal was breaching the EU directives by including an EU member in its black list.
The removal from the black list would grant tax benefits including, inter-alia, exemption for Cypriot entities from Portugal's capital gains tax and excluding Cyprus from Portugal's CFC rules.


Cyprus 5% V.A.T. on Food and Medicines


January 2011
Cyprus Increased the V.A.T. rate on food and medicines from 0% to 5%.
The increase which is in line with Cyprus's EU commitments is effective as of January 10, 2011.


Cyprus Off the Italian Blacklist


September 2010
The Italian government published a decree , effective August 4 2010, removing Cyprus from the Italian CFC blacklist.
As a result there are no limits anymore of deduction of costs of an Italian entity related to a Cypriot company.
In addition 95% of dividend income from a Cypriot company and 95% of capital gains from sale of shares in a Cypriot company are tax exempt by the Italian parent company.


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.







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