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Income Tax Law amendments
- From 1 January 2013 the corporate income tax rate increases from 10% to 12.5%.
Law amending the Special Levy on Credit Institution Law
- From 1 January 2013 the special levy rate for institutions operating in Cyprus increases from 0.11% to 0.15%.
Law amending the Excise Duty Law
- The rates of excise duty will be revised on a frequent basis so as to meet the real economic value. The reviewed rates will require approval from the Council of Ministers and a subsequent law enactment by the House of Representatives.
Law amending the Special Contribution for Defence Law
- The Special Defence Contribution rate applicable on interest income received by or deemed to be received by or credited to Cyprus Tax Residents increases from 15% to 30%. This amendment will come into effect upon publication in the Government Gazette.
Unaffected provisions of the Laws mentioned above
- In the case that the total annual income of an individual including interest income does not exceed the amount of €12,000 per annum is subject to a refund of any withholding tax suffered on interest income in excess of 3%.
- The reduced Special Defence Contribution rate of 3% which is applicable to income from deposits certificates issued by the Government of Cyprus and Cyprus Government Bonds and on the interest received by or credited on provident funds and Social Insurance Fund.
