The Cyprus Parliament voted the following tax changes during 2015: Income Tax Law 1.    Introduction of Notional Interest Deduction (NID) in Qualifying Equity Companies resident in Cyprus and Permanent Establishments in Cyprus of non-resident Companies are entitled to a NID on equity, which is a tax allowable deduction against the taxable profits of the company.The NID is calculated by multiplying…

According to the Income Tax Office legislation, each company needs to estimate its final taxable income for the current year and pay two equal installments on the estimated tax before/at the following dates: 1. 31 July - current year2. 31 December - current year If the Company fails to do so by submitting the IR6 declarations and its operations result…

Regarding amendment to the Immovable Property Tax Law, the immovable property tax for the year 2015 is payable by 31 December 2015. The following discount will apply if the tax liability is paid off by 1 December 2015: •    20% discount on taxable amounts for payments through the website www.jccsmart.com.cy and for payments through licensed banking institution. •    17,50% discount…

Αναφορικά με τροποποίηση στον Περί Φορολογίας Ακίνητης Ιδιοκτησίας Νόμο, ο φόρος ακίνητης ιδιοκτησίας για το έτος 2015 είναι πληρωτέος κατά την 31 Δεκεμβρίου 2015. Στην περίπτωση που εξοφληθεί ο οφειλόμενος φόρος που επιβλήθηκε πριν την 1 Δεκεμβρίου 2015, τότε θα παραχωρηθεί έκπτωση ως εξής: •    Παραχωρείται έκπτωση 20% πάνω στην επιβολή του φόρου νοουμένου ότι η πληρωμή γίνει μέσω της…

Cyprus and Iran have concluded and signed a Double Taxation Avoidance Agreement (DTAA) on 4 August 2015.  The DTAA, is based on the OECD Model Convention and will come into force as from 1st January the year following the date upon which both countries complete the ratification procedures. The treaty sign off was well received by the business communities of…

The Reanda International network is pleased to bring to you the latest issue of PRISM – the quarterly tax newsletter, which is part of Reanda’s effort to stay in touch with our clients by sharing updates and insights on the recent taxation changes and current hot topics. Please click here to download a digital copy of the 3rd quarter 2015…