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Cyprus has approved a far-reaching tax reform, marking the most significant overhaul of its tax framework in more than 20 years.

In a memorandum dated September 10, 2013, released in October 2013, the office of Associate Chief Counsel of the US Internal Revenue Service announced that a Cyprus-resident holding company qualified for benefits under the US-Cyprus double tax convention ("the US-Cyprus convention") and the reduced tax rate on dividends from qualified foreign corporations, despite not meeting the share ownership requirements stipulated in the convention.