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 2022. 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:

 

31/12/2022

NID Reference Interest Rate 2023

Abu Dhabi

4,224

9,224

Albania

6,244

11,244

Argentina

6,447

11,447

Armenia

11,98

16,98

Australia

4,05

9,05

Austria

3,17

8,17

Azerbaijan

5,727

10,727

Belgium

3,171

8,171

Bermuda(US$)

5,043

10,043

British Virgin Islands

N/A

N/A

Bulgaria

5,516

10,516

Canada

3,298

8,298

Cayman Islands

N/A

N/A

Chile

5,266

10,266

Chile(€)

3,889

8,889

Chile(US$)

5,210

10,210

China

2,833

7,833

Costa Rica

9,667

14,667

Croatia

3,894

8,894

Cyprus

4,399

9,399

Czech Republic

5,015

10,015

Denmark

2,785

7,785

Dubai(€)

N/A

N/A

Dubai (US$)

4,377

9,377

Egypt

19,348

24,348

Egypt(US$)

12,349

17,349

Estonia

3,637

8,637

Finland

3,117

8,117

France

3,106

8,106

Germany

2,542

7,542

Ghana

39,930

44.930

Ghana (US$)

25,868

30,868

Guernsey

N/A

N/A

Greece

4,466

9,466

Hong Kong

3,677

8,677

Hungary

9,051

14,051

India

7,331

12,331

Ireland

3,076

8,076

Isle of Man

4,65

9,65

Israel

3,580

8,580

Israel(US$)

4,650

9,560

Italy

4,560

9,560

Ivory Coast

N/A

N/A

Jamaica

6,436

11,436

Jordan(US$)

7,930

12,930

Kazakhstan (€)

4,276

9,276

Kazakhstan (US$)

4,555

9,555

Kenya

13,880

18,880

Latvia

3,688

8,688

Lebanon

N/A

N/A

Lithuania

3,660

8,660

Luxembourg

3,075

8,075

Morocco

3,947

8,947

Mauritius

5,880

10,880

Netherlands

2,906

4,965

Nigeria

13,437

17,607

Nigeria(€)

N/A

N/A

Norway

3,192

6,699

Poland

6,846

8,646

Panama

5,754

10,754

Portugal

3,579

8,579

Romania

8,282

13,282

Russia

11,230

16,230

Russia (US$)

N/A

N/A

Saudi Arabia

3,135

8,135

Serbia

7,036

12,036

Singapore

3,102

8,102

Slovakia

3,697

8,697

Slovenia

3,781

8,781

South Africa

10,788

15,788

Spain

3,649

8,649

Sweden

2,340

7,340

Switzerland

1,601

6,601

Taiwan

1,3249

6,3249

U.S.A

3,877

8,877

Ukraine

N/A

N/A

Ukraine (€)

32,023

37,023

Ukraine (US$)

34,410

39,410

United Arab Emirates

N/A

N/A

United Kingdom

3,665

8,665

Vietnam

4,784

9,784


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.

For any further information required, please do not hesitate to contact us.

George Markides
Board Member
KPMG Limited
Head of Tax Services

Katia Papanicolaou
Board Member     
KPMG Limited
Direct Tax Services            

Michael Halios
Board Member
International Tax Services
KPMG Limited

Connect with us

Costas Markides
Board Member
KPMG Limited
International Tax Services

Stelios Stylianou
Board Member
Direct Tax Services
KPMG Limited

Michalis Loizides
Board Member
Tax & Legal Services
KPMG Limited

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