ARTICLE
22 March 2024

NID Reference Interest Rates 2024

Ki
KPMG in Cyprus

Contributor

KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise.
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.
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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.

ARTICLE
22 March 2024

NID Reference Interest Rates 2024

Worldwide Tax

Contributor

KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise.
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