Appendix

The following tables show the rates of withholding tax deducted from income, with countries that have signed a double taxation treaty with Cyprus.

Received in Cyprus

 Dividends
%
Interest
%
Royalities
%
Armenia   0(32)   5(33)  5
 Austria  10  0  0
 Belarus  5(4)  5  5
 Belgium  10(1)  10(16)  0
 Bulgaria  5 (19)  7 (25)  10 (20)
 Canada  15  15 (7)  10 (11)
 China  10  10  10
 Czech Republic  0 (30)  0  10
 Denmark  0 (34)  0  0
 Egypt  15  15  10
 France  10 (2)  10 (9)  0 (26)
 Germany (31)  10 (1)  10 (8)  0 (26)
 Greece  25 (21)  10  0 (12)
 Hungary  5 (1)  10 (8)  0
 India  10 (2)  10 (8)  15 (15)
 Ireland  0  0  0 (12)
 Italy  15  10  0
 Kuwait (31)  10  10 (8)  5 (14)
 Kyrgyzstan (27)  0  0  0
 Lebanon  5  5 (16)  0
 Malta  0 (22)  10 (8)  10
 Mauritius  0  0  0
 Moldova  5 (19)  5  5
 Montenegro (28)  10  10  10
 Norway  5 (3)  0  0
 Poland  10  10 (8)  5
 Qatar  0  0  5
 Romania  10  10 (8)  5 (14)
 Russia  5 (6)  0  0
 San Marino  0  0  0
 Serbia (28)  10  10  10
 Seychelles  0  0  5
 Singapore  0  10 (23)  10
 Slovakia (29)  10  10 (8)  5 (14)
 Slovenia  5  5 (33)  5
 South Africa  0  0  0
 Sweden  5 (1)  10 (8)  0
 Syria  0 (1)  10 (8)  15 (13)
 Tajikistan (27)  0  0  0
 Thailand  10  15 (17)  5 (18)
 Ukraine (27)  0  0  0
 United Arab Emirates (35)  0  0  0
 United Kingdom  0 (24)  10  0 (26)
 USA  15 (5)  10 (10)  0
 Uzbekistan (27)  0  0  0

Paid from Cyprus*

 Non-treaty countries  Dividends
%
Interest
%
Royalities
%
Armenia   0(32)   5(33)  5
 Austria  10  0  0
 Belarus  5(4)  5  5
 Belgium  10(1)  10  0
 Bulgaria  5 (19)  7 (25)  10 (20)
 Canada  15  15 (7)  10 (11)
 China  10  10  10
 Czech Republic  0 (30)  0  10
 Denmark  0 (34)  0  0
 Egypt  15  15  10
 France  10 (2)  10 (9)  0 (26)
 Germany (31)  10 (1)  10 (8)  0 (26)
 Greece  25  10  0 (12)
 Hungary  0  10 (8)  0
 India  10 (2)  10 (8)  15 (15)
 Ireland  0  0  0 (12)
 Italy  0  10  0
 Kuwait (31)  10  10 (8)  5 (14)
 Kyrgyzstan (27)  0  0  0
 Lebanon  5  5 (16)  0
 Malta 15  10 (8)  10
 Mauritius  0  0  0
 Moldova  5 (19)  5  5
 Montenegro (28)  10  10  10
 Norway  0  0  0
 Poland  10  10 (8)  5
 Qatar  0  0  5
 Romania  10  10 (8)  5 (14)
 Russia  5 (6)  0  0
 San Marino  0  0  0
 Serbia (28)  10  10  10
 Seychelles  0  0  5
 Singapore  0  10 (23)  10
 Slovakia (29)  10  10 (8)  5 (14)
 Slovenia  5  5 (33)  5
 South Africa  0  0  0
 Sweden  5 (1)  10 (8)  0
 Syria  0 (1)  10 (8)  15 (13)
 Tajikistan (27)  0  0  0
 Thailand  10  15 (17)  5 (18)
 Ukraine (27)  0  0  0
 United Arab Emirates (35)  0  0  0
 United Kingdom  0  10  0 (26)
 USA  0  10 (10)  0
 Uzbekistan (27)  0  0  0

 

Explanatory notes

* Payments of dividends and interest to non residents areexempt from withholding tax in Cyprus according to theCyprus Legislation. Royalties granted for use outside of Cyprus are also free of withholding tax in Cyprus.

** 10% in the case of royalties granted for use within the Republic. 5% on film and TV rights.

1. 15% if received by a company controlling less than 25% of the voting power.

2. 15% if received by a company controlling less than 10% of the voting power.

  1.  NIL if paid to a company controlling at least 50% of the voting power.
  2.  This rate applies if the amount invested by the beneficial owner is over €200.000 irrespective of the % of voting power acquired. 10% is imposed if received by a holder of at least 25% of the share capital of the paying company. Otherwise the rate is 15%.
  3.  5% if received by a company controlling at least 10% of the voting power.

6. 10% if received by company, which has invested less than $100,000. (The Protocol to the existing treaty, which at the time of printing this publication has yet to become effective, provides for a change in the amount invested from $100,000 to €100.000)

  1.  NIL if paid to the Government or for export guarantee.

8. NIL if paid to the Government of the other State or to a financial institution.

  1.  NIL if paid to the Government of the other State or in connection with the sale on credit of any industrial, commercial or scientific equipment or any merchandise by one enterprise to another or in relation to any form of loan granted by a bank or is guaranteed from government or other governmental organisation.
  2.  NIL if paid to the Government of the other State, to a bank or a financial institution or in respect to debt obligations arising in connection with sale of property or the provision of services.
  3.  NIL on literary, dramatic, musical or artistic work with the exception of films used for television programs.
  4.  5% on fi lm royalties (except films shown on TV).

13. 10% on literary, dramatic, musical, artistic work, films and TV royalties.

  1.  NIL on literary, artistic or scientific work including films.
  2.  10% on payment of technical fees, management fees and consultancy fees.
  3.  NIL if paid to the Government of the other State, a political subdivision or a local authority, the National Bank or any institution the capital of which is wholly owned by the State or a political subdivision or a local authority or in the form of interest income from bank deposits.
  4.  10% on interest received by financial institutions, on interest paid in connection with industrial, commercial, scientific equipment or the sale or merchandise between two companies.

18. 10% on right to use industrial, commercial or scientific equipment or for information concerning industrial, commercial or scientific experience and 15% for patents, trademarks, designs, models, plans, secret formulas or processes.

  1.  This rate is applicable if received by a company owning directly at least 25% of the capital. In all other cases the withholding tax is 10%.
  2.  This rate does not apply, where 25% or more of the capital of the Cypriot resident is owned directly or indirectly by the Bulgarian resident paying the royalties and the Cyprus company pays less than the normal rate of tax.

21. The treaty provides for 25%, but the domestic rate of NIL applies since it is lower than the treaty rate.

  1.  The treaty provides that the tax on the gross amount of the dividends shall not exceed that chargeable on the profits out of which the dividends are paid.
  2.  7% if paid to a bank or similar financial institution. NIL if paid to the government.
  3.  The treaty provides for 15% withholding tax but the local taxation provides for 0% withholding tax.

25. NIL if paid to or is guaranteed by the Government, statutory body, the Central Bank.

  1.  5% on film royalties, including films used for televisionprograms.

27. The treaty between the Republic of Cyprus and the United Soviet Socialist Republic still applies.

  1.  The treaty between the Republic of Cyprus and the Socialist Federal Republic of Yugoslavia still applies.
  2.  The treaty between the Republic of Cyprus and the Czechoslovak Socialist Republic still applies.
  3.  Nil if the beneficial owner is a company (other than apartnership) which holds directly at least 10% of the capital of the company paying the dividends where such holding is being possessed for an uninterrupted period of no less than one year. 5% in all other cases.
  4.  The new treaty which provides for changes in the above rates has been published in the Government Gazette but has not come into force until the time of publication of this booklet.
  5.  5% if the beneficial owner has invested in the capital of the company less than the equivalent of €150.000 at the time of the investment.

33. Nil if paid to the Government or to the local authority, or to the Central Bank.

34. Nil if the beneficial owner is a company (other than a partnership) which holds directly at least 10% of the capital of the company paying the dividends, where such holding is being possessed for an uninterrupted period of no less than 12 months. Nil if the benefi cial owner is the other Contracting State or the Central Bank of that other State, or any national agency or any other agency (including a fi nancial institution) owned or controlled by the Government of that other State. Nil if the benefi cial owner is a pension fund or other similar institution providing pension schemes in which individuals may participate in order to secure retirement benefits, where such pension fund or other similar institution is established, recognized for tax purposes and controlled in accordance with the laws of that other State. 15% in all other case

 

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