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Cyprus Taxation
While Cyprus tax system has been reformed to comply with the EU Acquis Communautaire, the appropriate actions have taken place to maintain Cyprus’s competitiveness as an international business centre and enhance its attractiveness as a suitable jurisdiction for holding companies.
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Cyprus Double Taxation Agreements
Cyprus has developed a wide network of Double Tax agreements with 44 countries; ensuring that the same income is not taxed in more than one country. Moreover, Cyprus is in the stage of negotiating the conclusion or awaiting ratification of Double Taxation Agreements with several other countries.
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Special Tax Treatment in Cyprus
Shipping Companies Cyprus is considered as one of the most competitive shipping centres in the world in terms of registration fees and taxes. No tax is imposed on profits from the operation of Cypriot registered vessels, or on dividends received from a ship-owning company.
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Cyprus Corporate Tax
All companies are subject to a uniform tax rate of 10%, the lowest corporate tax rate in the European Union.
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Cyprus Personal Income Tax
Based on Eurostat's latest statistics (May 2006), Cyprus does not only exhibit the lowest corporate tax rate, but also one of the lowest top statutory personal income tax rate at 35%.
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Cyprus Value Added Tax (VAT)
Value Added Tax (VAT) rate is imposed on the supplies of goods and services, as well as on imports to Cyprus. The standard VAT rate of 17% (as of March 1st 2012) applies to Cyprus; one of the lowest in the EU.
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The content on this page was kindly provided by the Cyprus Investment Promotion Agency (CIPA)