GMN International | International Accounting Association | CYPRUS TAX UPDATE DECEMBER 2015

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CYPRUS TAX UPDATE DECEMBER 2015

On 10 December 2015, the House of Representatives in Cyprus voted into law a number of expected tax law amendments.

 

The amendments made to the Income Tax Law, the Capital Gains Tax Law and the Assessment and Collection of Taxes Law mainly aim to:

 

  • improve Cyprus' competitiveness in attracting foreign investments;
  • harmonize the Cyprus tax laws with EU legislation;
  • address the tax treatment oil and gas activities taking place offshore Cyprus;
  • deal with practical issues and inconsistencies of the existing laws; and
  • introduce anti-avoidance measures.

 

Click here to read an outline of the main tax law amendments from AuditPro Services in Cyprus. 

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