Competitive corporate tax system

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  • Competitive corporate tax: All companies are subject to a uniform tax rate of 12,5%.
  • Tax on Dividends: Companies resident in Cyprus are exempt from income tax in respect of dividends received from other Cyprus resident companies.
  • Tax treatment of Losses: Tax losses can be carried forward and set off against future profits indefinitely. Group relief has been introduced.
  • A wide network of Double Tax agreements with over 40 countries.

Taxation of Shipping Companies

Cyprus ranks among the 10 leading maritime nations in the world and is considered as one of the most competitive shipping centres in terms of registration fees and taxes. No tax is imposed on profits from the operation of Cypriot registered vessels, or on dividends received from a ship-owning company. Income arising from ship management activities is subject to tax at 4,25%. Alternatively, a ship-management company may choose to pay at a rate equal to 25% of tonnage tax rates of vessels under management if deemed more beneficial.

For further information please contact the Department of Merchant Shipping and the Cyprus Investment Promotion Agency CIPA