[et_pb_section fb_built=”1″ admin_label=”Welcome Section” _builder_version=”4.18.0″ custom_padding=”||||false|false” global_colors_info=”{}”][et_pb_row admin_label=”Welcome Area” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”80px||80px|” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.18.0″ text_font=”||||||||” text_font_size=”16px” text_line_height=”2em” animation_direction=”left” global_colors_info=”{}”]<\/p>\n
During November and December 2012, the House of Representatives voted for a number of new and amending laws under the Memorandum of Understanding between the Republic of Cyprus and Troika in order to strengthen public finances. We present below the most relevant amendments that were voted which most of them are effective as of 01 January 2013:<\/p>\n
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1. Value Added Tax (VAT)<\/strong> \n 2. Restriction of Carry Forward of Tax Losses<\/strong> \n 3. Annual Levy of \u20ac350<\/strong><\/p>\n From 2013, the annual levy of \u20ac350 becomes payable for all registered companies in the Cyprus Companies Registry.<\/p>\n \n 4. Amendments to the Assessment and Collection of Taxes Law of 1978<\/strong><\/p>\n \n 5. Law amending the Income Tax law<\/strong><\/p>\n The rate of corporate income tax is set at 12.5% with effect from1 January 2013.<\/p>\n \n 6.Special levy on Credit institutions<\/strong><\/p>\n The levy on credit institutions operating in Cyprus has been set at 0.11% on their total deposits with effect from 01 January 2013.<\/p>\n \n 7. Changes to Stamp Duty<\/strong><\/p>\n \n 8. Exchange of information between Cyprus Inland Revenue Department and Overeas tax authorities<\/strong><\/p>\n The Department may now exchange information with any country with which Cyprus has signed an agreement to exchange tax information as well as in the context of Council Directive 2011\/16\/EU.<\/p>\n \n 9. Law amending the Special contribution for Defence Law<\/strong><\/p>\n The Special Defence Contribution (SDC) rate that applies on interest income received by, or credited to, or deemed to have been received by or credited to Cyprus tax residents increases,from15% to 30%. This Law comes into effect from the date of its publication in the Government Gazette.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" During November and December 2012, the House of Representatives voted for a number of new and amending laws under the Memorandum of Understanding between the Republic of Cyprus and Troika in order to strengthen public finances. We present below the most relevant amendments that were voted which most of them are effective as of 01 […]<\/p>\n","protected":false},"author":1,"featured_media":12491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[39],"tags":[],"class_list":["post-12777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-el"],"yoast_head":"\n
The standard VAT rate increases to 18% (from 17%) for the period 14 January 2013 until 12 January 2014 and to 19% from 13 January 2014.<\/p>\n
Persons who have an obligation to prepare audited financial statements will be able to carry tax losses incurred over the next 5 years from the end of the tax year in which they were incurred, to be offset against taxable income (previously there was no such time limitation). Persons who have such obligations are legal entities (companies) and individuals with turnover in excess of \u20ac70.000.<\/p>\n