Cyprus Tax Guide 2012
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1 Cyprus Tax Guide 2012
2 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. This handy reference guide provides clients and professional practitioners with comprehensive tax and business information for 100 countries throughout the world. As you will appreciate, the production of the WWTG is a huge team effort and I would like to thank all tax experts within PFK member firms who gave up their time to contribute the vital information on their country s taxes that forms the heart of this publication. I would also like thank Richard Jones, PKF (UK) LLP, Kevin Reilly, PKF Witt Mares, and Kaarji Vaughan, PKF Melbourne for co-ordinating and checking the entries from countries within their regions. The WWTG continues to expand each year reflecting both the growth of the PKF network and the strength of the tax capability offered by member firms throughout the world. I hope that the combination of the WWTG and assistance from your local PKF member firm will provide you with the advice you need to make the right decisions for your international business. Jon Hills PKF (UK) LLP Chairman, PKF International Tax Committee jon.hills@uk.pkf.com I
3 important disclaimer This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International is a network of legally independent member firms administered by PKF International Limited (PKFI). Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions on the part of any individual member firm or firms. II
4 preface The (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of 100 of the world s most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current as of 30 September 2011, while also noting imminent changes where necessary. On a country-by-country basis, each summary addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country s personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. In addition to the printed version of the WWTG, individual country taxation guides are available in PDF format which can be downloaded from the PKF website at PKF INTERNATIONAL LIMITED APRIL 2012 PKF INTERNATIONAL LIMITED ALL RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION III
5 about pkf international limited PKF International Limited (PKFI) administers the PKF network of legally independent member firms. There are around 300 member firms and correspondents in 440 locations in around 125 countries providing accounting and business advisory services. PKFI member firms employ around 2,200 partners and more than 21,400 staff. PKFI is the 10th largest global accountancy network and its member firms have $2.6 billion aggregate fee income (year end June 2011). The network is a member of the Forum of Firms, an organisation dedicated to consistent and high quality standards of financial reporting and auditing practices worldwide. Services provided by member firms include: Assurance & Advisory Corporate Finance Financial Planning Forensic Accounting Hotel Consultancy Insolvency Corporate & Personal IT Consultancy Management Consultancy Taxation PKF member firms are organised into five geographical regions covering Africa; Latin America; Asia Pacific; Europe, the Middle East & India (EMEI); and North America & the Caribbean. Each region elects representatives to the board of PKF International Limited which administers the network. While the member firms remain separate and independent, international tax, corporate finance, professional standards, audit, hotel consultancy, insolvency and business development committees work together to improve quality standards, develop initiatives and share knowledge and best practice cross the network. Please visit for more information. IV
6 structure of country descriptions a. taxes payable FEDERAL TAXES AND LEVIES COMPANY TAX CAPITAL GAINS TAX BRANCH PROFITS TAX SALES TAX/VALUE ADDED TAX FRINGE BENEFITS TAX LOCAL TAXES OTHER TAXES b. determination of taxable income CAPITAL ALLOWANCES DEPRECIATION STOCK/INVENTORY CAPITAL GAINS AND LOSSES DIVIDENDS INTEREST DEDUCTIONS LOSSES FOREIGN SOURCED INCOME INCENTIVES c. foreign tax relief d. corporate Groups e. related party transactions f. withholding tax G. exchange control H. personal tax i. treaty and non-treaty withholding tax rates V
7 international time Zones AT 12 NOON, GREENwICH MEAN TIME, THE standard TIME ELsEwHERE Is: A Algeria pm Angola pm Argentina am Australia - Melbourne pm Sydney pm Adelaide pm Perth pm Austria pm B Bahamas am Bahrain pm Belgium pm Belize am Bermuda am Brazil am British Virgin Islands am C Canada - Toronto am Winnipeg am Calgary am Vancouver am Cayman Islands am Chile am China - Beijing pm Colombia am Croatia pm Cyprus pm Czech Republic pm D Denmark pm Dominican Republic am E Ecuador am Egypt pm El Salvador am Estonia pm F Fiji midnight Finland pm France pm Guernsey noon Guyana am H Hong Kong pm Hungary pm I India pm Indonesia pm Ireland noon Isle of Man noon Israel pm Italy pm J Jamaica am Japan pm Jersey noon Jordan pm K Kazakhstan pm Kenya pm Korea pm Kuwait pm L Latvia pm Lebanon pm Liberia noon Luxembourg pm M Malaysia pm Malta pm Mauritius pm Mexico am Morocco noon N Namibia pm Netherlands (The) pm New Zealand midnight Nigeria pm Norway pm O Oman pm G Gambia (The) noon Georgia pm Germany pm Ghana noon Greece pm Grenada am Guatemala am P Panama am Papua New Guinea pm Peru am Philippines pm Poland pm Portugal pm Puerto Rico am VI
8 Q Qatar am R Romania pm Russia - Moscow pm St Petersburg pm s Sierra Leone noon Singapore pm Slovak Republic pm Slovenia pm South Africa pm Spain pm Sweden pm Switzerland pm T Taiwan pm Thailand pm Tunisia noon Turkey pm Turks and Caicos Islands am U Uganda pm Ukraine pm United Arab Emirates pm United Kingdom (GMT) 12 noon United States of America - New York City am Washington, D.C am Chicago am Houston am Denver am Los Angeles am San Francisco am Uruguay am V Venezuela am Vietnam pm VII
9 Cyprus cyprus Currency: EURO Dial Code To: 357 Dial Code Out: 00 (EUR) Member Firm: City: Name: Contact Information: Limassol Nicholas Stavrinides a. taxes payable FEDERAL TAxEs AND LEVIEs COMPANy TAx A Cyprus resident company is subject to corporation tax on its worldwide income. Non-resident companies are subject to corporation tax only on profits derived in the Republic. Resident companies are those companies whose management and control is exercised from Cyprus. The corporation tax rate is 10%. Taxes are paid by three instalments in advance based on a provisional assessment, which should be at least 75% of the final tax charge. A fiscal year is the calendar year. CAPITAL GAINs TAx Gains in respect of the sale of immovable property situated in Cyprus (including shares of a company whose assets include such immovable property) are subject to Capital Gains Tax. Both residents and non residents are subject to capital gains tax if they own immovable property in Cyprus. The applicable rate on the taxable income is 20%. No tax is levied in respect of immovable property situated abroad. No tax is levied on capital gains in respect of profits on disposal of shares of companies (other the ones which own immovable property). BRANCH PROFITs TAx Branches of foreign companies managed and controlled from Cyprus are taxed as if they were Cyprus resident companies. Foreign branch profits of Cyprus companies are relieved from Cyprus tax to the extent that their activities are not investment related or corporate tax of at least 5% has been levied on its profits (one of the two criteria needs to be satisfied). sales TAx/VALUE ADDED TAx (VAT) VAT is generally imposed on taxable supplies of goods and services at the standard rate of 17%. Certain supplies of goods and services are charged at the reduced rates of 5% - 8%; others are zero-rated, notably ship management services. Some supplies of goods and services are exempt from VAT: specifically, financial services, health and welfare, insurance, and education. The annual VAT registration threshold is EUR 15,600. Cyprus has adopted the provisions of the EU Directive 2008/8/EC effective from 1 January Exports of goods or provision of services to non-eu or to EU VAT registered persons are subject to 0%. FRINGE BENEFITs TAx (FBT) Certain benefits such as use of cars for private purposes, rent, school fees etc are considered as benefits in kind and taxed according. LOCAL TAxEs Local taxes include transfer fees on sale and purchase of property, stamp duty (only in respect of assets situated in Cyprus or agreements executed in Cyprus), and immovable property tax. OTHER TAxEs Contributions to the social insurance fund are paid on the salaries of resident employees. The total amount paid by an employer can vary from 10.5% to 20.25% of the gross salary. The employee pays a further 6.8% to 8.55%. The maximum salary on which contributions are paid is currently EUR 4,216 per month. b. determination of taxable income TRADING PROFITs Resident companies pay taxes on their net taxable profits. These are determined by pooling their worldwide income and deducting allowable expenses, charges and capital allowances. Non-resident companies pay taxes on their Cyprus-sourced income only. 1
10 Cyprus CAPITAL ALLOwANCEs Annual wear and tear allowances are allowed on various assets including plant and machinery; fixtures and fittings; commercial vehicles; hotels; commercial buildings; industrial buildings; computer hardware and software; and loose tools. Allowances range from 3% to 33% per annum. No capital allowances are given for saloon cars. DEPRECIATION Depreciation included in the financial statements of entities is disallowed for tax purposes, as capital allowances are given instead. For accounting purposes, depreciation rates applied are those which write-off the assets over their useful life. stock/inventory Opening and closing stocks are normally stated at the lower of cost and net realizable value on a FIFO basis. CAPITAL GAINs AND LOssEs Capital gains are computed separately and do not form part of the annual taxable income for corporation tax purposes. Indexation allowance is available for the determination of the taxable gains and losses. Capital losses can be offset against capital gains for the same fiscal year. DIVIDENDs Dividends receivable are exempt from corporation tax, subject to the CFC rules described below. INTEREsT DEDUCTION Interest expense is deductible if the borrowing is wholly and exclusively for the purposes of producing income. Interest paid to a connected party is a deductible expense. Interest deductibility restrictions exist to the extent that a company has nonbusiness assets. There are no thin capitalisation rules. LOssEs Trading losses may be carried forward indefinitely. Losses from overseas activities can be set off against chargeable income for the year and can be carried forward. If, within any period of three years, there is both a change in the beneficial ownership of a company and a major change in the nature of trade and, at any time before the change of ownership the activities in the trade become small or negligible, then no trading losses incurred prior to the change in ownership are allowed. FOREIGN source INCOME Cyprus has controlled foreign company legislation (CFC) legislation. Profits from a permanent establishment abroad or dividends from an overseas company are taxed if the nature of their activities amounts to more than 50% investment income and their country of residence imposes corporation tax which is less than 5% p.a. Both criteria must apply in order for the tax to be charged. INCENTIVEs Some of the main incentives are as follows: (a) low corporation tax of rates at 10% (b) non-resident entities are only taxed on their Cyprus-sourced income (c) no withholding tax on payments to non-residents (d) profits and dividends from abroad are tax-free free subject to CFC rules stated above (e) restructuring legislation in line with the EU Merger Directive extending to companies in non-eu countries. (f) low VAT rate (g) a Cyprus holding company can pay virtually no tax on its profits. c. foreign tax relief Foreign tax paid on income of a Cyprus resident company is credited against the corporation tax, subject to Double Tax treaty conditions. In the absence of a tax treaty, the tax paid in a non-treaty country is normally allowed as a deductible expense. Tax paid is credited only if a similar concession is given to Cyprus companies in that particular country. The foreign tax relief cannot exceed the Cyprus corporation tax on these profits. d. corporate Groups Group loss relief is available to a group of Cyprus resident companies in relation to current year losses. Two companies will be considered as part of a group if one company holds 75% of the voting share capital or distributable profits of the other, or both companies are 75% subsidiaries of a third company. The group must be in existence within the whole fiscal year. 2
11 Cyprus e. related party transactions Transactions between related parties do not need to be adjusted for tax purposes as long as they are on an arm s length basis. f. withholding tax Resident companies must withhold taxes on certain royalty payments depending on the rates provided in any tax treaty. Cyprus has entered into double tax treaties with over 40 countries. Non-resident companies have no obligation to withhold taxes on any payments they make. Resident companies withhold contributions to the defence fund of the Republic on dividends paid to resident individuals at the rate of 20%. Dividends paid to (directly or indirectly) non-resident shareholders are not subject to withholding tax. Interest income is subject to a withholding contribution to the defence fund of 15%. If interest is received from abroad, such income is assessed as above at 15%. Where interest is considered as profit close to the ordinary activities of the company, then such type of income is considered as trading profit and not interest. Hence it is not subject to defence contribution. Examples include financing and insurance companies etc. DEEMED DIsTRIBUTION A company resident in Cyprus for tax purposes shall be deemed to have distributed 70% of its accounting profits (excluding unrealised gains/losses and after deduction of tax paid on these profits and any transfers to legal reserves) in any fiscal year by way of a dividend to its resident shareholders at the end of the second year following the end of the said financial year in which the profits were made. The company shall be obliged to effect payment to the Inland Revenue equal to 20% of the amount of the deemed dividend distribution. Such dividend shall be reduced by the amount of dividends actually distributed. This is not applicable to non-resident shareholders. G. exchange controls There are no exchange controls in Cyprus. H. personal tax A person who is resident for 183 days or more in aggregate during the tax year is deemed to be tax resident. All individuals who are residents of the Republic are taxed on their worldwide income. Non-resident individuals are taxed on income emanating from Cyprus only. Income tax is payable on assessable income less allowable deductions. Assessable income includes income from employment, rent, interest and profits from trade and business or professions. Allowable expenses include mortgage interest, certain subscriptions, social insurance contributions and pension contributions. The current tax rates are as follows: Taxable income (EUR) 0 19, ,501 28, ,001 36, ,301 60, Over 60, Normal tax rate (%) Pensions receivable from abroad by a resident in respect of services rendered outside Cyprus are still taxed at 5%, after deduction of the first EUR 3,417 if the individual elects to do so. Individuals taking up employment in the Republic, who were non-resident prior to employment are entitled to an allowance of 20% of remuneration up to a maximum of EUR 8,543 for a period of three years. From 2012 onwards, individuals with annual remuneration in excess of EUR 100,000 are entitled to an increased allowance of up to 50% for a period of five years. Salaried services rendered abroad for a total period of more than 90 days to a nonresident employer or at a PE abroad of a resident employer are exempt from income tax. 3
12 Cyprus i. treaty and non-treaty withholding tax rates Dividends (%) Royalties (%) Interest (%) Non-Treaty Countries: 0 (1) 10 (2) 0 Treaty Countries: Armenia Austria 0 (1) / Belarus 0 (1) /10 (20) 5 5 Belgium 0 (1) /10 (8) 0 10 (10) Bulgaria 0 (1) /5 (12) 10 7 (6) Canada 0 (1) /15 10 (5) 10/ (3) /15 (4) China 0 (1) / Czech Republic 0 (1) /5 (21) 10/0 (5) 0 Denmark (22) 0/15 (9) 0 0 Egypt 0 (1) / (3) /15 France 0 (1) /10 (9) 0 (2) 10 (6) Germany 0 (1) /10 (8) 0 (2) 10 (6) Greece 0 (1) /25 0 (2) 10 Hungary 0 (1) /5 (8) 0 10 (6) India 0 (1) /10 (9) 10 (19) /15 10 (6) Ireland 0 0 (2) 0 Italy 0 (1) / Kuwait Kyrgyzstan Lebanon 0 (1) /5 0 5 Malta 15/0 (1) (6) Mauritius Moldova 0 (1) /5 (12) 5 5 Montenegro 0 (1) / Norway 0 (1) /5 (13) 0 0 Poland 0 (1) / (6) Qatar Romania 0 (1) /10 5 (7) 10 (6) Russia 0 (1) /5 (14) 0 0 San Marino Serbia 0 (1) / Seychelles Singapore (17) Slovakia 0 (1) / Slovenia (22) South Africa Sweden 0 (1) /5 (8) 0 10 (6) Syria 0 (1) /0 (8) 10 (11) 10 (6) Tajikistan Thailand 0 (1) /10 15 (15) 10 (19) /15 (16) Ukraine United Kingdom 0 0 (2) 10 United States 0 (1) /15 (18) 0 10 (10) Uzbekistan
13 Cyprus 1 Under Cyprus legislation there is no withholding tax on dividends paid to a nonresident shareholder. 2 5% on motion picture films royalties. 3 Under Cyprus legislation there is a 10% withholding tax on interest. 4 Nil if paid to a government or for export guarantee. 5 Nil on literary, dramatic, musical or artistic work. 6 Nil is paid to the government of the other state. 7 Nil on literary, artistic or scientific work, film and TV royalties. 8 15% if controlling less than 25% of the capital. 9 15% if controlling less than 10% of the capital. 10 Nil if paid to a government, bank or financial institution % for patent, trademark, design or model, plan, secret formula or process, copyright, scientific work, industrial, commercial equipment or information % if controlling less than 25% of the voting power. 13 Nil if received by a company controlling 50% or more of the voting power % if the beneficial owner invested less than EUR % for literary, dramatic, musical artistic or scientific work; 10% for industrial, commercial or scientific equipment use % for interest received from financial institution, for interest paid in connection with the sale on credit of any industrial, commercial or scientific equipment or sale of any merchandise from one enterprise to another enterprise. 17 7% if paid to a bank or a financial institution. 18 5% if the recipient is a corporation holding more than 10% of the voting stock and not more than 25% of the gross income of the dividend-paying corporation consists of interest and dividends receivable from non-subsidiary (>50%) parties. 19 Under Cyprus legislation there is a 10% withholding tax on royalties % if controlling less than 25% of the capital. If investment is more than EUR 200,000, withholding tax is at 5%, irrespective of the voting power. 21 5% if controlling less than 10% of the capital. 22 With effect from 1 January
14 $
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