• Cyprus tax changes

    18-04-2013

    On 18 April 2013, the House of Representatives of Cyprus has voted a number of bills which increase tax rates, following the agreement for a bailout plan reached by the Government of Cyprus and the European Commission, the European Central Bank and the International Monetary Fund.

    The tax increases are summarized below:

    Corporation tax increased to 12.5%

    The corporation tax is increased from 10% to 12.5% with effect from 1 January 2013.

    Special Defense Contribution on interest income increased to 30%

    The special defense contribution rate on interest income is increased from 15% to 30% with effect from the date of the publication of the law in the official Gazette of the Republic of Cyprus.

    Special defense contribution applies only to passive interest income of Cyprus tax resident individuals and companies.

    Annual levy on bank deposits increased to 0.15%

    The annual levy on bank deposits payable by banks is increased from 0.11% to 0.15% with effect from 1 January 2013.

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