TAX INFO 5/2015

The new tax measures voted by the House of Representatives on10 December 2015 αre analysed here below.

A. Income Tax Law

1. Exchange differences

According to the amended Income Tax Law, any realized or unrealized foreign exchange difference, losses or gains will be tax neutral. In other words, FX gains will not be taxable and FX losses will not be tax deductible.

AEOI - Automatic Exchange of information


Automatic Exchange of Financial Account Information

The purpose of this newsletter is to inform you about the OECD / EU Directives regarding Automatic Exchange of Financial Account Information between countries.

The first exchange of information is expected to be made as from 2017 (in respect of year 2016) on an annual basis between participating countries in relation to all accounts that are considered reportable.

TAX INFO Q3/2015


Immovable Property Tax in Cyprus


Every company, organization and individual which owned property or leased property in Cyprus on 1 January 2015 is subject to immovable property tax for the year 2015. The tax is calculated based on the market value of immovable property as at 1 January 1980.

Immovable property value