Cyprus Updates Reference Rates for Notional Interest Deduction in 2020

The Cyprus Tax Department has issued a notice announcing the publication of updated reference rates for Bermuda, Denmark, Jordan, Portugal, and Switzerland, in respect of determining the notional interest deduction (NID) for new equity investments. Note that as per the notice, reference rates are increased by 3% to determine the NID rate, which is the prior rule. As from 1 January 2020, the r…
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