NID Reference Interest Rates

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 2021. 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:

	31/12/2021	NID Reference Interest Rate 2022
Abu Dhabi	N/A	N/A
Albania	N/A	N/A
Argentina	3,508	8,508
Armenia	9,722	14,722
Australia	1,670	6,670
Austria	0,072	5,072
Azerbaijan	N/A	N/A
Belarus(US$)	9,785	14,785
Belgium	0,180	5,180
Bermuda(US$)	2,376	7,376
British Virgin Islands	N/A	N/A
Bulgaria	0,690	5,690
Canada	1,479	6,479
Cayman Islands	N/A	N/A
Chile	5,652	10,652
Chile(€)	0,834	5,834
Chile(US$)	2,560	7,560
China	2,775	7,775
Costa Rica	6,363	11,363
Croatia	0,560	5,560
Cyprus	0,629	5,629
Czech Republic	2,797	7,797
Denmark	0,061	5,061
Dubai(€)	N/A	N/A
Dubai (US$)	2,533	7,533
Egypt	14,913	19,913
Egypt(US$)	7,570	12,570
Estonia	0,122	5,122
Finland	0,082	5,082
France	0,195	5,195
Germany	-0,206	4,794
Guernsey	N/A	N/A
Greece	1,135	6,135
Hong Kong	1,524	6,524
Hungary	4,484	9,484
India	6,509	11,509
Ireland	0,237	5,237
Isle of Man	1,502	6,502
Israel	1,290	6,290
Israel(US$)	1,919	6,919
Italy	1,170	6,170
Ivory Coast	N/A	N/A
Jordan(US$)	5,631	11,631
Kazakhstan (€)	1,444	6,444
Kazakhstan (US$)	2,107	7,107
Kenya	12,660	17,660
Latvia	0,323	5,323
Lebanon	N/A	N/A
Lithuania	0,259	5,259
Luxembourg	0,129	5,129
Morocco	2,239	7,239
Mauritius	4,200	9,200
Netherlands	-0,035	4,965
Nigeria	12,607	17,607
Nigeria(€)	N/A	N/A
Norway	1,699	6,699
Poland	3,646	8,646
Portugal	0,462	5,462
Romania	5,146	10,146
Russia	8,390	13,390
Russia (US$)	1,994	6,994
Saudi Arabia	2,932	7,932
Serbia	4,126	9,126
Singapore	1,638	6,638
Slovakia	-0,083	4,917
Slovenia	0,349	5,349
South Africa	9,799	14,799
Spain	0,563	5,563
Sweden	0,220	5,220
Switzerland	-0,153	4,847
Taiwan	0,700	5,700
U.S.A	1,512	6,512
Ukraine (€)	N/A	N/A
Ukraine (US$)	8,902	13,902
United Arab Emirates	N/A	N/A
United Kingdom	1,020	6,020
Vietnam	2,066	7,066

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.

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.