Changes To Tax Rates

In accordance with the requirements of its international lenders, Cyprus has made a number of changes to tax rates.

Increase in the corporate tax rate

With effect from 1 January 2013 the corporate tax rate has been increased from 10% to 12½%.

Transfer and carry forward of tax losses by credit institutions

With effect from 25 March 2013, in the event of a transfer of operations, assets, rights or obligations from one credit institution to another under the Credit Institutions Resolution Law, any accumulated losses of the transferor at the date of the transfer are transferred to the acquirer and may be used by it for up to fifteen years from the end of the year in which the transfer took place.