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ARTICLE · 12 DECEMBER 2016

Amendment To Tax Law Serves To Clarify Rather Than Change

Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

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The Capital Gains Tax (Amendment) (2) Law of 20161 has been implemented with immediate effect.

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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The Capital Gains Tax (Amendment) (2) Law of 20161 has been implemented with immediate effect, making the following changes to the Capital Gains Tax Laws of 1980 to 2016:

  • Article 6 regarding allowable deductions now excludes any deduction relating to the value of the property if the disposal is in the nature of a call option or option to lease, or the cancellation of a sale or lease agreement. Deductible expenses are limited to costs that are incurred wholly and exclusively for the realisation of the disposal, such as legal fees;
  • Article 9 now provides that any disposal proceeds in such transactions are the actual consideration receivable. Any part of the consideration that has already been subject to capital gains tax is excluded; and

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