Europe, Middle East and Africa Tax Facts 2012 - Crowe Horwath ...
Europe, Middle East and Africa Tax Facts 2012 - Crowe Horwath ...
Europe, Middle East and Africa Tax Facts 2012 - Crowe Horwath ...
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CYPRUS<br />
INCOME TAX RATES <strong>2012</strong><br />
Individuals<br />
8<br />
<strong>Tax</strong>able Income (EUR) <strong>Tax</strong> Rate (%)<br />
Up to 19,500 0<br />
From 19,501 - 28,000 20<br />
From 28,001 - 36,300 25<br />
From 36,301 - 60,000 30<br />
Over 60,000 35<br />
Companies<br />
<strong>Tax</strong>able Income (EUR) <strong>Tax</strong> Rate (%)<br />
All income 10<br />
VALUE ADDED TAX (VAT)<br />
17% on majority of sales of goods/services; reduced or zero rate on certain specifi c items.<br />
CAPITAL GAINS TAX (CGT)<br />
20% is imposed only on gains on disposal of immovable property located in Cyprus or<br />
on disposal of shares of companies with immovable property located in Cyprus.<br />
LOSSES<br />
Can be offset against other sources of income, <strong>and</strong> can be carried forward indefi nitely.<br />
Losses of a company can be set off against profi ts of another company in the same<br />
group (group of Cyprus tax-resident companies). Worldwide losses can be set off<br />
against taxable income of the same year or carried forward.<br />
TREATY NETWORK<br />
45 countries.<br />
WITHHOLDING TAX (non-residents)<br />
Dividends: 0%<br />
Interest: 0%<br />
Royalties: 0% (10% on royalties used in Cyprus. 5% on fi lm <strong>and</strong> TV royalties).<br />
CONTACT:<br />
Yiannis Demetriades<br />
YiannisD@crowehorwath.com.cy<br />
<strong>Horwath</strong> DSP Ltd<br />
Chartered Certifi ed Accountants<br />
8 Stassinos Avenue<br />
P.O.Box 22545 Nicosia 1522<br />
Cyprus<br />
Tel: +357 22755656 Fax: +357 22452055<br />
www.crowehorwath.com.cy<br />
<strong>Europe</strong>, <strong>Middle</strong> <strong>East</strong> <strong>and</strong> <strong>Africa</strong> <strong>Tax</strong> <strong>Facts</strong> <strong>2012</strong><br />
Last updated: May <strong>2012</strong>