Corporate Tax 2017

1 INTRODUCTION

The years 2015 and 2016 have seen some significant amendments and refinements of existing legislative provisions in the field of taxation, as well as the introduction of new provisions aimed at providing incentives for investment in Cyprus and ensuring fairness, effectiveness and efficiency. In addition to domestic legislation, within the past couple of years Cyprus has also demonstrated its full commitment to comply with EU and international initiatives including the Organization for the Economic Cooperation and Development ("OECD") initiative on tackling harmful tax practices and unjustified tax avoidance, by introducing appropriate mechanisms and closing any remaining loopholes in its domestic legislation. The main reforms undertaken during 2015, 2016 and early 2017 are outlined below.