TUESDAY, 12 DEC 2017

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
AlphaBank_30/11-10/1_266x90px
IMH LTD

Kasoulides Welcomes Middle East Peace Process Efforts

Anastasiades: Cyprus Is Proud Of Its Armenian Community

IMH LTD
MTN_07/07-10/04_468x60px

OPINION

Double Tax Agreement between Cyprus and Jersey Enters Into Force

Double Tax Agreement between Cyprus and Jersey Enters Into Force

The double tax agreement between Cyprus and Jersey, which was signed on July 11 2016, entered into force on February 17 2017 following completion of all the requisite ratification procedures (for further details please see "Details of double tax agreement between Cyprus and Jersey"). It will take effect with regard to taxes withheld at source in respect of amounts paid or credited on or after January 1 2018 and for other taxes in respect of tax years beginning on or after that date.

The new agreement, which closely follows the Organisation for Economic Cooperation and Development Model Tax Convention, applies to taxes on income and gains from alienation of movable or immovable property. The specific taxes to which the agreement applies are: 

•    income tax in the case of Jersey; and 
•    Corporate, personal income, special contribution for defence and capital gains tax in the case of Cyprus. 

There is no withholding tax on dividends, interest and royalty payments between residents of the two contracting parties. Capital gains arising from the disposal of shares, including shares in so-called 'property-rich' companies (ie, companies whose assets mainly comprise real estate), are taxable only in the state where the seller is tax resident. There is an exception for gains on shares of companies holding mineral exploration and exploitation rights or real property connected with them, which may be taxed in the state in which the rights or property are situated. 

The agreement further expands Cyprus's network of double tax agreements and facilitates investment and trade between Cyprus and Jersey.

MORE ON OPINION

FROM AROUND GOLDNEWS

   

Westfield Shopping Centres Bought In $25bn Deal

The owner of Westfield shopping centres is being bought for $24.7bn (£18.5bn) in a deal which will see the malls launched in new markets. French property ...
   

TUS Officially Launches Its Direct Flights to Rome

In a ceremony held at the International Larnaca Airport Glafcos Clerides on Monday 11 December and in the presence of the Minister of Transport, Communications ...
   

New Head Offices for USB Bank

In line with its strategic re-organization, development and modernization, USB Bank has moved into its new Head Offices, in Engomi, Nicosia, that started ...
   

Αndrey & Julia Dashin’s Foundation Collaborates with Cyprus Red Cross for another Christmas Campaign

Andrey & Julia Dashin’s Foundation is happy to announce its collaboration with the Cyprus Red Cross Society Youth Section for the second year held ...
   

EY Announces Collaboration with SAP

EY announced that it is working together with SAP to further advance deployment of blockchain across industries worldwide. Under their existing alliance ...
   

Cyprus Airports Celebrate Exceeding 10 Million Passengers

Passenger traffic has exceeded 10 million passengers in Larnaca and Paphos airports, a milestone celebrated, by Hermes who manages the two airports. The ...
   

Trade Deficit Increases in January-September 2017

Trade deficit of Cyprus' foreign trade increased to €3.165,5 mn in January-September 2017 compared to €3.003,4 mn in the corresponding period of ...
   

Businesses Consider Corruption to Be Widespread in Cyprus

All companies which participated in a survey consider corruption to be widespread in Cyprus, according to the Eurobarometer on corruption, which measures the ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Chivas_27/11-18/12_300x250px
Gold_Issue_300x250px

IMH LTD