Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
Earlier in 2016 the Tax Department announced the 10-year government bond rates at December 31 2014, which will be used as the basis for the notional interest deduction for the 2015 tax year for Cyprus, Germany, India, Romania and Russia...
Earlier in 2016 the Tax Department announced the 10-year
government bond rates at December 31 2014, which will be used as
the basis for the notional interest deduction for the 2015 tax year
for Cyprus, Germany, India, Romania and Russia (for further details
please see "New rates for calculating notional interest
deduction for new equity capital"). It subsequently announced
the corresponding rates at December 31 2015, as well as a rate for
Ukraine, which will be used as the basis for the notional interest
deduction on capital introduced during 2016.
The Tax Department has now announced rates at December 31 2015
for the Czech Republic, Latvia, Poland and the United Arab
Emirates, on which the notional interest deduction on capital
introduced in 2016 will be based. The notional interest deduction
for capital introduced during 2015 to finance assets used in any of
these countries or in Ukraine will be based on the rate for
Cyprus.
The bond rates announced so far are set out in the table
below.
Notional interest deduction rates
Based on the above, the notional interest deduction rates for
the 2015 and 2016 tax years are set out in the table below.
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