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Cyprus has amended its tax legislations to tighten the rules on outbound payments to associated companies located in low-taxed jurisdictions (as well as their permanent establishments). The pre-existing withholding tax (‘WHT’) provisions, targeting EU blacklisted jurisdictions, as well as the new rules, are summarized below: Jurisdiction of Payee Dividends Interest Royalties EU Blacklisted (Pre-existing: effective […]

Cyprus Tax Reform: Proposed Key Changes The Cyprus government is poised to implement its most comprehensive tax reform since 2002, aiming to modernize the tax system while balancing economic competitiveness with social priorities. As a first step, the Cyprus government commissioned the University of Cyprus Economics Research Centre to come up with a comprehensive tax