viernes, 12 de febrero de 2016

Cyprus to amend IP tax regime, announces 2015 notional interest deduction interest yield, and updates tax treaties

The Cyprus Ministry of Finance (MoF) on December 30, 2015, announced that its new intellectual property (IP) tax regime will become effective July 1, 2016. The new IP tax regime will fully align with the Organisation for Economic Co-operation and Development's (OECD) Base Erosion and Profits Shifting (BEPS) Action 5 report released in October 2015.
The Cyprus Tax Authority (CTA) on January 7, 2016, announced the 2015 interest yield for the notional interest deduction (NID).  The 2015 interest yield is based on the 10-year government bonds for Cyprus, India, Russia, Romania, and Germany as of December 31, 2014, the relevant date for the 2015 tax year.
In tax treaty developments:

  • The first treaty between Cyprus and Switzerland took effect on January 1, 2016.
  • A protocol amending the Cyprus-South Africa treaty entered into force on September 18, 2015. The protocol includes provisions relating to dividend taxation and exchange of information.
  • The first tax treaty between Cyprus and Georgia, signed in 2015, entered into force on January 4, 2016, and will take effect on January 1, 2017.
Source & more info: PwC

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