Cyprus Amends Definition of Corporate Tax Residency and Introduces Withholding Tax

On 9 December 2021, the Cypriot House of Representatives approved the longawaited bills amending the Income Tax Law as well as the Special Contribution for the Defense of the Republic Law with respect to the definition of corporate tax residency and the imposition ofwithholding tax on outbound payme...

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Bibliographic Details
Published in:Journal of International Taxation 2022-03, Vol.33 (3), p.8-9
Main Authors: Krasaris, Petros, Papachristodoulou, Eleni, Manouchou, Drosoula
Format: Article
Language:English
Subjects:
Capital stock
Corporate taxes
Dividend distributions
International taxation
Jurisdiction
Regulatory reform
Royalties
Stock exchanges
Voting rights
Withholding taxes
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Summary:On 9 December 2021, the Cypriot House of Representatives approved the longawaited bills amending the Income Tax Law as well as the Special Contribution for the Defense of the Republic Law with respect to the definition of corporate tax residency and the imposition ofwithholding tax on outbound payments of dividends, interest and royalties made to companies resident or registered in jurisdictions included on the EU list of noncooperative jurisdictions on tax matters (Annex I) (the so-called EU Blacklist, referred to as the EU List). No withholding tax will be imposed on dividends paid in relation to securities listed on a recognized stock exchange. [...]no withholding tax will be imposed on interest received by or credited to a non-Cypriot tax resident company which relates to securities listed on a recognized stock exchange.
ISSN:1049-6378