The Cyprus Tax Department (CTD) announced the interest yields of the 10-year government bonds for a number of countries as listed below as at 31 December 2023. The interest yields of the 10-year government bonds increased by 5%, represents their “reference rate” for the purposes of granting tax allowance on new capital as per article 9B of the Income Tax Law N.118(I)/2002, as amended.
By way of background, the NID reference rate constitute the interest rate of the 10 year government bond yield of the country in which the new equity is invested (as at 31st December of the previous tax year), increased by 5%.
NID reference rates are as follows:
|
31/12/2023 |
NID Reference Interest Rate 2024 |
Abu Dhabi |
3,966 |
8,966 |
Albania |
6,440 |
11,440 |
Albania (€) |
5,418 |
10,418 |
Angola (US$) |
10,924 |
15,924 |
Argentina |
17,339 |
22,339 |
Armenia |
N/A |
N/A |
Australia |
3,955 |
8,955 |
Austria |
2,580 |
7,580 |
Azerbaijan(US$) |
5,395 |
10,395 |
Bahrain(US$) |
7,609 |
12,609 |
Belarus(US$) |
42,800 |
47,800 |
Belgium |
2,604 |
7,604 |
Bermuda(US$) |
5,100 |
10,100 |
British Virgin Islands |
N/A |
N/A |
Bulgaria |
4,208 |
9,208 |
Bosnia and Herzegovina |
N/A |
N/A |
Canada |
3,813 |
8,813 |
Cayman Islands |
N/A |
N/A |
Chile |
5,478 |
10,478 |
Chile(€) |
3,450 |
8,450 |
Chile(US$) |
4,889 |
9,889 |
China |
2,557 |
7,557 |
Colombia |
9,957 |
14,957 |
Colombia (US$) |
6,746 |
11,746 |
Costa Rica |
6,936 |
11,936 |
Croatia |
3,190 |
8,190 |
Cyprus |
3,250 |
8,250 |
Czech Republic |
3,752 |
8,752 |
Denmark |
2,248 |
7,248 |
Dubai(€) |
N/A |
N/A |
Dubai (US$) |
4,632 |
9,632 |
Egypt |
24,987 |
29,987 |
Egypt(US$) |
13,651 |
18,651 |
Estonia |
2,978 |
7,978 |
Finland |
2,563 |
7,563 |
France |
2,557 |
7,557 |
Germany |
2,021 |
7,021 |
Georgia |
8,425 |
13,425 |
Ghana |
40,540 |
45,540 |
Ghana (US$) |
22,845 |
27,845 |
Guernsey |
N/A |
N/A |
Greece |
3,042 |
8,042 |
Hong Kong |
2,907 |
7,907 |
Hungary |
5,870 |
10,870 |
India |
7,185 |
12,185 |
Indonesia |
6,454 |
11,454 |
Indonesia(US$) |
4,916 |
9,916 |
Indonesia(€) |
3,928 |
8,928 |
Ireland |
2,352 |
7,352 |
Iraq |
N/A |
N/A |
Isle of Man |
4,514 |
9,514 |
Israel |
3,945 |
8,945 |
Israel(US$) |
5,146 |
10,146 |
Italy |
3,690 |
8,690 |
Ivory Coast |
N/A |
N/A |
Japan |
0,608 |
5,608 |
Jamaica (US$) |
7,372 |
12,372 |
Jordan (US$) |
7,644 |
12,644 |
Kazakhstan (€) |
3,775 |
8,775 |
Kazakhstan (US$) |
5,495 |
10,495 |
Kenya |
15,620 |
20,620 |
Kuwait |
N/A |
N/A |
Latvia |
3,263 |
8,263 |
Lebanon |
N/A |
N/A |
Lithuania |
3,317 |
8,317 |
Luxembourg |
2,809 |
7,809 |
Malaysia |
3,736 |
8,736 |
Malta(€) |
3,680 |
8,680 |
Mexico |
8,938 |
13,938 |
Mexico(US$) |
5,456 |
10,456 |
Mexico(€) |
4,194 |
9,194 |
Moldovia |
N/A |
N/A |
Morocco |
3,691 |
8,691 |
Mauritius |
4,900 |
9,900 |
Netherlands |
2,322 |
7,322 |
New Zealand |
4,321 |
9,321 |
Nigeria |
14,540 |
19,540 |
Nigeria(€) |
N/A |
N/A |
Norway |
3,262 |
8,262 |
North Macedonia (Skopje) (€) |
5,177 |
10,177 |
Oman (US$) |
5,402 |
10,402 |
Pakistan |
N/A |
N/A |
Pakistan (US$) |
15,287 |
20,287 |
Poland |
5,191 |
10,191 |
Panama (US$) |
6,675 |
11,675 |
Portugal |
2,620 |
7,620 |
Qatar(US$) |
4,182 |
9,182 |
Romania |
5,633 |
10,633 |
Russia |
11,440 |
16,440 |
Russia (US$) |
N/A |
N/A |
Saudi Arabia |
4,729 |
9,729 |
Serbia |
6,264 |
11,264 |
Singapore |
2,691 |
7,691 |
Slovakia |
3,175 |
8,175 |
Slovenia |
2,882 |
7,882 |
South Africa |
11,773 |
16,773 |
Spain |
2,981 |
7,981 |
Sweden |
2,027 |
7,027 |
Switzerland |
0,653 |
5,653 |
Taiwan |
1,213 |
6,213 |
Tunisia |
N/A |
N/A |
Turkey |
23,600 |
28,600 |
Turkey (€) |
4,565 |
9,565 |
Turkey (US$) |
7,120 |
12,120 |
U.S.A |
3,879 |
8,879 |
Ukraine |
N/A |
N/A |
Ukraine (€) |
35,935 |
40,935 |
Ukraine (US$) |
39,591 |
44,591 |
United Arab Emirates |
N/A |
N/A |
United Kingdom |
3,537 |
8,537 |
Uruguay |
9,516 |
14,516 |
Uruguay (US$) |
4,734 |
9,734 |
Uzbekistan (US$) |
6,524 |
11,524 |
Vietnam |
2,167 |
7,167 |
In respect of countries not mentioned in the announcement,
taxpayers may apply to the CTD for the determination of the
appropriate NID Reference rate enclosing the interest yields of the
10-year government bonds for the countries concerned as identified
on the basis of the Bloomberg Index, or in the absence thereof,
their estimation of the applicable rate.
How can KPMG assist?
KPMG Limited may offer further assistance in the determination of the applicable NID Reference Rates via the submission of appropriate ruling requests to the CTD.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.