DOING BUSINESS IN CYPRUS - Andreas Neocleous & Co

More documents

Recommendations

Info

Doing Business in Cyprus 30
Doing Business in Cyprus Double taxation treaties Cyprus’s double taxation treaties provide relief from double taxation by p r o v i d i n g that income may only be taxed in one country, or, in the case of income taxable in both cou n t r i e s , b y applying the credit method. Cyprus residents' liability for Cyprus income tax and SDC is reduced by tax suffered in the other country, so that the taxpayer pays only the higher of the two rates and is not taxed twice on the same income. Even where there is no double tax treaty in place the Cyprus tax authorities will allow unilateral relief in the form of a credit against Cyprus tax up to the amount of tax in the country of origin on the income concerned. Agreements in force Cyprus has concluded double taxation treaties covering the following countries: Armenia Germany Montenegro South Africa Austria Greece Norway Sweden Azerbaijan Hungary Poland Syria Belarus India Qatar Tajikistan Belgium Ireland Romania Thailand Bulgaria Italy Russian Federation Turkmenistan Canada Kuwait San Marino Ukraine China Kyrgyzstan Serbia UK Czech Republic Lebanon Seychelles USA Denmark Malta Singapore Uzbekistan Egypt Mauritius Slovakia France Moldova Slovenia Further details may be found on pages 33 and 34. Pending agreements In addition, treaties are under negotiation, or awaiting ratification, with a number of other countries, including Algeria, Bahrain, Brazil, Estonia, Finland, Georgia, Iceland, India, Indonesia, Iran, Jordan, Kazakhstan, Latvia, Libya, Lithuania, Luxembourg, Malaysia, Morocco, Netherlands, Portugal, Spain, Sri Lanka, The United Arab Emirates and Vietnam.. Benefits Cyprus's double taxation treaty network allows international transactions to be structured in a number of tax-efficient ways, particularly when combined with a Cyprus holding company. A Cyprus corporate structure may beneficially be used: as an intermediary for joint venture or other participations to avoid or reduce withholding taxes; to finance joint venture or other acquisitions so as to reduce or eliminate withholding taxes and extract profits that would otherwise be subject to significant 31
Page 1 and 2: Doing Business in Cyprus ANDREAS NE
Page 3 and 4: Andreas Neocleous & Co LLC Local an
Page 5 and 6: Doing Business in Cyprus Contents I
Page 7 and 8: Doing Business in Cyprus Introducti
Page 9 and 10: Commercial environment Cyprus has a
Page 11 and 12: Doing Business in Cyprus authority
Page 13 and 14: Doing Business in Cyprus Foreign in
Page 15 and 16: Doing Business in Cyprus Business e
Page 17 and 18: Doing Business in Cyprus An exempti
Page 19 and 20: Doing Business in Cyprus Taxation T
Page 21 and 22: Doing Business in Cyprus Social Ins
Page 23 and 24: Doing Business in Cyprus Rental pay
Page 25 and 26: Doing Business in Cyprus the do
Page 27 and 28: Doing Business in Cyprus managers o
Page 29: Doing Business in Cyprus in respect
Page 33 and 34: Doing Business in Cyprus Country Ta

DOING BUSINESS IN CYPRUS - Andreas Neocleous & Co

Create successful ePaper yourself

Delete template?

Save as template?