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Cyprus keeps its promise
The Republic of Cyprus has once again kept its promise to international investors and introduced amendments to its tax legislation. Taxand Cyprus takes a look at them.
The purpose of these amendments is to clearly establish Cyprus as the leading tax jurisdiction in the European Union, attract even further investment in Cyprus whilst at the same time harmonising its domestic laws with EU obligations.
In a nutshell the new tax legislation is as follows:
- Law 59/2015 on Capital Gains Tax
- Law 90/2015 on Land Registry Duties and enhancement of procedures
- Law 29/2013 on Special Defence Contribution Tax
- Law 170/2015 on Notional Interest
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There is much depth in these amendments. Substance requirements have been taken into consideration, thus driving forward the investment in Cypriot real estate. Fresh capital is expected to arrive in Cyprus following the new amendment on Notional Interest. This is only the beginning, at the moment new tax laws are under discussion in the Cypriot House of Representatives expected to be finalised within the next month.