|
Insurance
companies |
|
Insurance companies of general and life business are taxable in the same way as all other companies.
In the case where there is no tax payable or where the tax payale on the taxable income of the life business is less than
1.5% of the gross amount of the insurance premiums then the insurance company pays the difference as additional tax. |
|
Ship
management companies |
|
Income arising from ship management activities is subject to tax at 4,25%. A company can elect to pay
special tonnage tax if more beneficial. |
|
Pension income from services rendered abroad |
|
The pension income of any individual resident in the Republic, which arises from services
rendered abroad, is taxed at a rate of 5% for amounts exceeding €3.417,20 per annum.
The taxpayer has the right to choose to be taxed either under the special mode of taxation as stated
above or at normal rates. If the latter is chosen the pension is added to the individual’s other income. |
|
Intellectual
property rights etc |
|
The gross income arising from intellectual property rights, other exploitation rights, compensations
or other similar income arising from sources within the Republic, of a person who is not resident in the Republic, is subject
to withholding tax at a rate of 10%.
Royalties received by a connected company registered in a European Union member State are exempt from tax (subject to
conditions).
Rights granted for use outside the Republic are not subject to any withholding tax. |
 |
|
Film
royalties etc
|
|
The gross income derived by a non-resident person in respect of royalties arising from film projection
in the Republic is subject to withholding tax at a rate of 5%.
Royalties received by a connected company registered
in a European Union member
State are exempt from
tax
(subject to conditions). |
|
Profits of professionals, entertainers etc |
|
The gross income derived by a non-resident individual from the exercise in the Republic of any profession,
vocation or public entertainment services including football teams and other athletic missions, is subject to a 10% withholding
tax. |
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| Inland Revenue Cyprus Website |
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The tax
information contained in this website is accurate as at the date of its publication.
The information
in the website is designed to increase the reader’s general awareness of the Cyprus Tax System.
For explanations/clarifications
or professional advice please contact your CPEAS.’s advisors.
The amounts
in euro included in this booklet have been converted using the irrevocable conversion rate of ¢1=.0,585274 except for cases
where it has been fixed differently by law or relevant regulations.
January
2008
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