Income Tax

– Corporate tax increases to 12.5% with effect 1 January 2013

– Where the operations of one credit institution are transferred to another pursuant to the Resolution of Credit and other Institutions Law, the credit institution acquiring these operations will be able to utilize the tax losses of the credit institution transferring its operations. The above tax losses will be available to be utilized for a period not exceeding 15 years from the end of the tax year in which the operations were acquired and the tax losses transferred, This law applies from 25 March 2013

Special Contribution for Defence Law

The SDC rate on interest income received by Cypriot Tax Residents increases from 15% to 30%