NEWS

• Posted December 22, 2015

New tax developments December 2015

On 10 December 2015, the 2nd set of important amendments to the Cyprus taxation system was approved by the House of Representatives. These developments aim to modernize the Cyprus tax system and encourage new investments.

The main amendments introduced are:

• Elimination of double taxation with regard to arm's length adjustments.
• Neutralisation of the tax treatment of the FOREX.
• Extension of the provision for the accelerated depreciation.
• Extension of the provisions for the employment income exception for the expatriates.
• Harmonization of the Cyprus tax system with the European Directive.
• Introduce anti-avoidance rules and correct inconsistences.

For more information, please refer to our publication.