Major Changes in the Tax Map in 2012 and 201

One of the most significant changes for businesses is the increase in the Special Contribution for Defense of dividends of companies from 15% to 20%. The growth for the rate for the special contribution for defense would be for a period of two years.

It is worth to mention that no Special Contribution for Defense is deducted for dividends received from non-Cyprus tax residents. Also there is no withholding tax on dividends paid from Cyprus to abroad.

This law begins in 1 January 2012 and applies to income acquired or resulted from 1 January 2012 and until 31 December 2013.

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