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ARTICLE · 02 FEBRUARY 2015

Tax Regime: An Overview - January 23 2015

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

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The Cyprus taxation system was thoroughly overhauled in 2002 in preparation for EU membership.

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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The Cyprus taxation system was thoroughly overhauled in 2002 in preparation for EU membership. As a result, Cyprus benefits from a simple, modern tax system that is fully compliant with the requirements of the Organisation for Economic Cooperation and Development (OECD) and the EU. In a recent survey of tax professionals, Cyprus emerged as the most attractive tax regime in Europe on account of its combination of consistency in interpreting tax legislation, stability in resisting frequent changes to tax laws and comparatively low tax rate.

Basis of taxation

The tax year for individuals and companies is the calendar year. Liability to Cyprus tax in any year of assessment is based on residence. For individuals, residence is determined by physical presence; for companies, it is determined by the locus of management and control.

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