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      NID Reference Interest Rates 2026

      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 2025. 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:


       

      31/12/2025

      NID Reference Interest Rate 2026

      Abu Dhabi

      4,370

      9,370

      Albania

      N/A

      N/A

      Albania (€)

      4,539

      9,539

      Angola (US$)

      9,953

      14,953

      Argentina

      6,684

      11,684

      Armenia

      8,620

      13,620

      Australia

      4,740

      9,740

      Austria

      3,100

      8,100

      Azerbaijan(US$)

      4,512

      9,512

      Bahrain(US$)

      6,384

      11,384

      Belarus(US$)

      8,416

      13,416

      Belgium

      3,350

      8,350

      Bermuda(US$)

      4,956

      9,956

      Bolivia(US$)

      13,500

      18,500

      Bosnia and Herzegovina

      N/A

      N/A

      Brazil(€)

      13,735

      18,735

      Brazil(US$)

      6,173

      11,173

      British Virgin Islands

      N/A

      N/A

      Bulgaria

      3,990

      8,990

      Cameroon(€)

      9,175

      14,175

      Canada

      3,430

      8,430

      Cayman Islands

      N/A

      N/A

      Chile

      5,383

      10,383

      Chile(€)

      3,757

      8,757

      Chile(US$)

      4,828

      9,828

      China

      1,855

      6,855

      Colombia

      12,633

      17,633

      Colombia (US$)

      6,960

      11,960

      Costa Rica

      5,366

      10, 366

      Croatia

      3,151

      8,151

      Cyprus

      3,049

      8,049

      Czech Republic

      4,532

      9,532

      Denmark

      2,750

      7,750

      Dubai

      N/A

      N/A

      Egypt

      19,500

      24,500

      Egypt(US$)

      7,004

      12,004

      Estonia

      3,357

      8,357

      Ethiopia

      N/A

      N/A

      Finland

      3,158

      8,158

      France

      3,562

      8,562

      Germany

      2,853

      7,853

      Georgia

      9,837

      14,837

      Ghana

      16,120

      21,120

      Ghana (US$)

      6,872

      11,872

      Guernsey

      N/A

      N/A

      Greece

      3,948

      8,948

      Hong Kong

      3,182

      8,182

      Hungary

      6,279

      11,279

      India

      6,786

      11,786

      Indonesia

      6,082

      11,082

      Indonesia(US$)

      4,943

      9,943

      Indonesia(€)

      3,562

      8,562

      Ireland

      3,003

      8,003

      Iraq

      N/A

      N/A

      Isle of Man

      5,182

      10,182

      Israel

      3,970

      8,970

      Israel(US$)

      5,007

      11,007

      Italy

      3,545

      8,545

      Ivory Coast (US$)

      N/A

      N/A

      Ivory Coast (€)

      2,979

      7,979

      Japan

      2,250

      7,250

      Jamaica (US$)

      6,198

      11,198

      Jordan (US$)

      6,021

      11,021

      Kazakhstan (€)

      3,875

      8,875

      Kazakhstan (US$)

      4,820

      9,820

      Kenya

      12,170

      17,170

      Kuwait

      N/A

      N/A

      Latvia

      3,704

      8,704

      Lebanon

      N/A

      N/A

      Lithuania

      3,771

      8,771

      Luxembourg

      3,136

      8,136

      Malaysia

      3,492

      8,492

      Malta(€)

      3,550

      8,550

      Mexico

      9,099

      14,099

      Mexico(US$)

      5,795

      10,795

      Mexico(€)

      4,546

      9,546

      Moldova

      N/A

      N/A

      Montenegro

      5,877

      10,877

      Morocco                 

      2,856

      7,856

      Mauritius

      5,610

      10,610

      Netherlands

      2,965

      7,965

      New Zealand

      4,397

      9,397

      Nigeria

      16,810

      21,810

      Nigeria(€)

      N/A

      N/A

      Norway

      4,156

      9,156

      North Macedonia (Skopje) (€)

      N/A

      N/A

      Oman (US$)

      4,884

      9,884

      Pakistan

      11,951

      16,951

      Pakistan (US$)

      8,110

      13,110

      Panama (US$)

      5,685

      10,685

      Peru

      5,782

      10,782

      Philippines

      6,112

      11,112

      Poland

      5,152

      10,152

      Portugal

      3,182

      8,182

      Qatar(US$)

      4,336

      9,336

      Romania

      5,572

      10,572

      Russia

      N/A

      N/A

      Russia (US$)

      9,472

      14,472

      Saudi Arabia

      5,396

      10,396

      Serbia

      5,117

      10,117

      Singapore

      2,210

      7,210

      Slovakia

      3,579

      8,579

      Slovenia

      3,132

      8,132

      South Africa

      8,179

      13,179

      Spain

      3,565

      8,565

      Sweden

      2,797

      7,797

      Switzerland

      0,295

      5,295

      Taiwan

      1,398

      6,398

      Tanzania

      N/A

      N/A

      Tunisia

      N/A

      N/A

      Turkey

      27,030

      32,030

      Turkey (€)

      6,011

      11,011

      Turkey (US$)

      6,448

      11,448

      Ukraine

      N/A

      N/A

      Ukraine (€)

      N/A

      N/A

      Ukraine (US$)

      13,525

      18,525

      United Arab Emirates (US$)

      4,446

      9,446

      United Arab Emirates(€)

      N/A

      N/A

      United Kingdom

      4,574

      9,574

      United States

      4,120

      9,120

      Uruguay

      7,525

      12,525

      Uruguay (US$)

      4,880

      9,880

      Uzbekistan (US$)

      5,381

      10,381

      Vietnam

      3,545

      8,545

      Zambia

      17,129

      		22,129

      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.

      How can KPMG assist?

      If any assistance or further clarification is required regarding this matter, please do not hesitate to contact our office.

      Our people

      george-markides-profile-photo
      George Markides

      Board Member, Head of Tax

      KPMG in Cyprus

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      Costas Markides

      Board Member, International Tax and Corporate Services

      KPMG in Cyprus

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      Katia Papanicolaou

      Board Member, Direct Tax Services

      KPMG in Cyprus

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      Michalis Loizides

      Board Member, Partner in Charge of Limassol Office

      KPMG in Cyprus

      MHalios
      Michael Halios

      Board Member, Partner in Charge of Larnaca office

      KPMG in Cyprus

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