Article Posted date 26 March 2025

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 2024. 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:

 

31/12/2024

NID Reference Interest Rate 2025

Abu Dhabi

5,018

10,018

Albania

N/A

N/A

Albania (€)

4,615

9,615

Angola (US$)

11,123

16,123

Argentina

5,537

10,537

Armenia

7,224

12,224

Australia

4,437

9,437

Austria

2,884

7,884

Azerbaijan(US$)

5,855

10,855

Bahrain(US$)

6,835

11,835

Belarus(US$)

25,438

40.438

Belgium

2,952

7,952

Bermuda(US$)

5,574

10,574

Bosnia and Herzegovina

N/A

N/A

Brazil(€)

15,193

20,593

Brazil(US$)

6,799

11,700

British Virgin Islands

N/A

N/A

Bulgaria

3,440

8,440

Cameroon(€)

9,579

14,579

Canada

4,324

9,324

Cayman Islands

N/A

N/A

Chile

5,960

10,960

Chile(€)

3,788

8,788

Chile(US$)

5,458

10,458

China

2,941

7,941

Colombia

11,182

16,182

Colombia (US$)

7,559

12,559

Costa Rica

6,652

11,652

Croatia

3,129

8,129

Cyprus

2,980

7,980

Czech Republic

4,087

9,087

Denmark

2,179

7,179

Dubai(€)

N/A

N/A

Dubai (US$)

4,520

9,520

Egypt

26,008

31,008

Egypt(US$)

9,820

14,820

Estonia

3,420

8,420

Finland

3,017

8,017

France

3,278

8,278

Germany

2,500

7,500

Georgia

7,690

12,690

Ghana

33,896

38,896

Ghana (US$)

9,937

14,937

Guernsey

N/A

N/A

Greece

3,898

8,898

Hong Kong

2,601

7,601

Hungary

6,519

11,519

India

7,027

12,027

Indonesia

6,773

11,773

Indonesia(US$)

4,865

9,865

Indonesia(€)

3,887

8,887

Ireland

2,898

7,898

Iraq

N/A

N/A

Isle of Man

5,387

10,387

Israel

4,827

9,827

Israel(US$)

6,166

11,166

Italy

4,002

9,002

Ivory Coast

7,891

12,891

Japan

1,037

6,037

Jamaica (US$)

8,060

13,060

Jordan (US$)

7,355

12,355

Kazakhstan (€)

3,726

8,726

Kazakhstan (US$)

5,141

10,141

Kenya

10,739

15,739

Kuwait

N/A

N/A

Latvia

3,423

8,423

Lebanon

N/A

N/A

Lithuania

3,537

8,537

Luxembourg

2,899

7,899

Malaysia

3,877

8,877

Malta(€)

3,951

8,951

Mexico

10,030

15,030

Mexico(US$)

6,184

11, 184

Mexico(€)

4,644

9,644

Moldova

N/A

N/A

Montenegro

4,496

9,496

Morocco                  

3,007

8,007

Mauritius

5,065

10,065

Netherlands

2,596

7,596

New Zealand

4,452

9,452

Nigeria

19,170

24,170

Nigeria(€)

N/A

N/A

Norway

3,841

8,841

North Macedonia (Skopje) (€)

N/A

N/A

Oman (US$)

5,761

10,761

Pakistan

N/A

N/A

Pakistan (US$)

11,418

15,418

Panama (US$)

7,215

12,215

Poland

3,361

8,361

Portugal

2,755

7,755

Qatar(US$)

4,870

9,870

Romania

7,332

12,332

Russia

14,380

19,380

Russia (US$)

N/A

N/A

Saudi Arabia

5,326

10,326

Serbia

6,197

11,197

Singapore

2,851

7,851

Slovakia

3,359

8,359

Slovenia

3,013

8,013

South Africa

9,940

14,940

Spain

3,013

8,013

Sweden

2,411

7,411

Switzerland

0,269

5,269

Taiwan

1,633

6,633

Tunisia

N/A

N/A

Turkey

27,190

32,190

Turkey (€)

4,794

9,794

Turkey (US$)

7,365

12,365

U.S.A

4,772

9,572

Ukraine

N/A

N/A

Ukraine (€)

N/A

N/A

Ukraine (US$)

13,426

18,426

United Arab Emirates

N/A

N/A

United Kingdom

4,565

9,565

Uruguay

3,202

8,202

Uruguay (US$)

5,370

10,370

Uzbekistan (US$)

7,304

12,304

Vietnam

2,680

7,680

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.

Get in touch

George Markides
Board Member
KPMG Limited
Head of Tax Services

Costas Markides
Board Member
KPMG Limited
International Tax Services

Katia Papanicolaou
Board Member     
KPMG Limited
Direct Tax Services            

Stelios Stylianou
Board Member
Direct Tax Services
KPMG Limited

Michael Halios
Board Member
International Tax Services
KPMG Limited

Michalis Loizides
Board Member
Tax Services
KPMG Limited

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