Cyprus
has concluded a large number of Double
Taxation Treaties; Usually sovereign states
are reluctant to enter into DTTs with low
tax states and areas, because it would
normally entail an fluctuation of tax revenues
from one country to the other; not so in
Cyprus, because of its special geographic
location, because of political reasons
(the Turkish occupation of the North) and
last but not least, because of ongoing
political support from countries like Greece,
Russia and others, Cyprus
managed to develop, if not the most serious
and recognised beneficial tax regime on
an overall scale.
The
result of a DTT is that revenues taxed
in Cyprus will not be subject to the same
tax in the counter part country, although
in some countries withholding tax might
apply. Most DTT follow the OECD Model Convention;
ITOS advised all customers to seek qualified
specialist advice in their home countries
to fully determine the advantages an IBC
in Cyprus can provide.
The following countries have double-tax
treaties with Cyprus :
- Austria
- Belgium
- Bulgaria
- Canada *
- China
- CIS (former USSR countries
other than those which got separate DTTs)
- Czech Republic *
- Denmark *
- Egypt
- Germany *
- France
- Greece *
- Hungary
- India
- Ireland *
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- Italy *
- Kuwait
- Malta *
- Mauritius
- Norway
- Poland
- Romania *
- Russia
- Slovakia *
- Sweden *
- Syria *
- Thailand
- United Kingdom *
- United States
- Serbia and Montenegro *
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The countries marked with an * do have
Tax Sparing Provisions; meaning that the
tax rules and provisions in Cyprus are
credited against a tax-subjects tax liability
in its home country. Effectively, tax paid
in Cyprus , or tax "spared" in Cyprus will
be deducted in the home country.
In the following countries
DTTs are under way either in becoming effective,
or awaiting ratification: Armenia , Finland
, Japan , Singapore , South Africa and
the Ukraine (the latter has recently been
adapted in the UA Parliament)
Please note that the following
countries have now (inter alia) become
members of the EU: Czeck republic, Hungary
, Malta , Poland and Slovakia. Contact
Us Today Contact Details
For further
information and detailed quotes, please
contact
ITOS Ltd
68 Stratigou Timayia
M. Frangos
Court
5 th Floor, Office 501
Larnaca 6051
Cyprus
Emails: info@itoscyprus.com
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