On 25 October 2024, the Cyprus Tax Department (“CTD”) announced that the Council of Ministers, during its meeting on 24 October 2024, approved an extension for submitting the 2022 and 2023 Income Tax Returns (ITR). According to the announcement, the...
The Cyprus Tax Department (CTD) has released the interest yields of 10-year government bonds for various countries, as of 31 December 2023. These yields, increased by 5%, serve as the “reference rate” for granting tax allowances on new capital in acc...
On 1 February 2024, the Cyprus Tax Department (“CTD”) issued a letter revising the thresholds for preparing a Local File for the tax year 2022. These changes aim to streamline compliance requirements and reflect the evolving needs of stakeholders. Cu...
Following the publication in the Government Gazette on 20 December 2023, Law N.157(I)/2023 introduced a significant reduction in the Special Defence Contribution (SDC) rate on interest income. Effective from 1 January 2024, the SDC rate on interest r...
On October 23, 2023, the updated list of non-cooperative tax jurisdictions was officially published in the Official Journal of the European Union. This revision follows a decision by the Economic and Financial Affairs Council (ECOFIN) on October 17,...
On February 10, 2023, the Cyprus Tax Department published a set of frequently asked questions (FAQs) to clarify some of the key provisions of Articles 33 and 33C of the Income Tax Law, which govern the transfer pricing rules effective from January 1,...
