New tax innovations.

  • 21 сентября 2017 в 17:29:20

In the Republic of Cyprus, new tax innovations for companies and individuals entered into force.

Below is the most important information on these changes.

1. For individuals.
Now the provision on conditional distribution of dividends («On a special contribution to the defense of Cyprus») will not apply to companies of the Republic that belong to citizens of the country, and also have the status of «nemitsil».

2. Taxation of stock transactions.
In the coming months, it is expected to introduce a bill to impose a special fee on the net asset value of funds, as well as the release of permanent missions from the taxation of direct investments in general funds and partnerships that were obtained by attracting foreign investors.

3. Obtaining a certificate for confirming the status of a tax resident.
In case a person has received an INN and also confirms his intention to stay in the Republic for 183 days, he can apply for a certificate confirming the status of a tax resident, even if the number of days of his stay in the territory of the Republic of Cyprus is less than 183 days.

4. Changes concerning innovative enterprises of the small and medium business sector.
Now, if an investor (an individual) makes unreliable financial investments in an innovative medium and small start-up, can deduct the costs incurred in connection with investing from income that is taxed.

5. Other tax changes.
Amendments were made to the tax code of the Republic with a view to avoiding double taxation between Iran and Cyprus, bilateral tax agreements were concluded between Luxembourg and Barbados, and amendments were made to the tax agreement with Saint-Marino.

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