rocket
Orbitax subscribers can now easily follow the latest COVID-19-related tax measures being implemented worldwide. New to Orbitax? Create a free account to access your dashboard and latest tax news.
News Share

The Tax Hub

Daily Tax Newsletter

Cyprus

Responsive image

Cyprus Parliament Approves Amendments to Tax Treatment of Intangible Assets

The Cyprus House of Representatives (parliament) reportedly approved amendments to the income tax law on 17 July 2020 regarding the tax treatment of intangibles assets. This includes two main changes.

The first change concerns the requirement to prepare a balancing statement when disposing of an intangible asset, which consists of the tax written down value of an asset and the disposal value, in order to identify any balancing addition or balancing deduction in relation to that asset. With effect from 1 January 2020, this requirement is abolished, and as a result, no balancing addition or deduction is included in the taxpayer’s taxable income in the year of disposal.

The second change concerns the carryforward of unclaimed capital allowances. In general, expenses for the acquisition or the development of an intangible asset that is of a capital nature may be claimed as a deduction (allowance) over the useful life of the intangible asset up to a maximum period of 20 years. Although taxpayers may choose not to claim an allowance for a particular year, the law previously lacked provisions regarding if or how unclaimed allowances may be carried forward. With effect from 1 January 2020, it is provided that when a taxpayer chooses not to claim a capital allowance in respect of an intangible asset for a particular year, the allowance may be claimed over the remaining useful life of the asset. For this purpose, the tax written down value of an intangible asset is to be redistributed over the remaining useful life of the asset at the beginning of each year.

Powerful Tax Tools

NEW

FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.

NEW

Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.

NEW

Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.

NEW

Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.

NEW

Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.

NEW

OECD BEPS Project

Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.

NEW

Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.

NEW

Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

NEW

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

NEW

Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.

NEW

Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.

NEW

Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.

NEW

VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.

NEW

NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.

NEW

Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Compare Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More