ARTICLES  

Changes to the Cyprus - Russian double taxation treaty

Negotiations to the Cyprus and Russian double taxation treaty have taken place following the request from Russia for an increase in the withholding tax on income from dividends and interest to 15% (currently the treaty provides for withholding tax of either 5% or 10% on dividends, and 0% on interest) 

It was finally agreed that - 

  1. Certain types of regulated entities would be exempt from the 15% withholding tax on dividends, such as pension funds, insurance companies, as well as listed entities with specific characteristics.
  2. Interest payments from corporate bonds, government bonds and Eurobonds will be excluded from the 15% withholding tax
  3. The exemption from withholding tax on royalty payments will continue to apply

It is expected that the revised treaty will be signed soon and will apply as from 1 January 2021.

Latest news

Extension to the filing date of tax returns

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Published: Saturday 24 April, 2021

Extension for filing of corporate tax returns

On 12 March 2021 the Tax Department issued an announcement in relation to the extension of the deadlines for the submission of the 2019 corporate income tax return and the 2019 income tax return filed by individuals preparing audited Financial Statements. The above deadlines are extended to 30 Se...…

Published: Saturday 27 March, 2021

Interest and dividends – declarations through Taxisnet

There are new declarations on Taxisnet through which Special Defence Contributions and GESY should be recorded on the payment of interest and dividends. The printed forms 61AT and 61AM are now also available in electronic form and can be submitted through the Taxisnet as follows: …

Published: Wednesday 27 January, 2021