Cyprus has updated its base rates for national interest deduction in 2020

Cyprus has updated its base rates for national interest deduction in 2020

The Cyprus Tax Department has issued a notice of publication of updated reference rates for Bermuda, Denmark, Jordan, Portugal and Switzerland regarding the determination of notional interest deduction (NID) for new equity investments. Note that as per the notice, base rates are increased by 3% to determine the NID rate, which is the rule. Effective January 1, 2020, the rules have been changed so that reference rates are increased by 5% as indicated on the reference rates web page.

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