Corporate Tax

    All Cyprus tax resident companies are taxed on their income accrued or derived from all chargeable sources in Cyprus and abroad. A non- Cyprus tax resident company is taxed on income accrued or derived from a business activity which is carried out through a permanent establishment in Cyprus and on certain income arising from sources in Cyprus.

    A company is deemed to be a resident of Cyprus if it is managed and controlled in Cyprus. The management and control test is made up of various criteria, among which, the residency of the majority of the Board Members, the place where Board Meetings take place and Minutes are kept, the issue of any general powers of attorney etc.

    Foreign taxes paid can be credited against the Corporation Tax liability.