20 October 2016 Cyprus introduces new rules for application of IP box regime The Cypriot Parliament on October 14, approved the laws amending the Income Tax Law with respect to the application of the Cypriot intellectual property regime (the IP box regime). The provisions of the IP box regime have been aligned with the recommendations of the Organisation for Economic Co-operation and Development (OECD) Action 5 of the Base Erosion and Profit Shifting (BEPS) plan on Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance. The new legislation is effective as of July 1, 2016. However, the relevant laws and regulations implementing the new IP Box regime will take legal effect once they are published in the Official Gazette of the Republic. Document ID: 2016-1784 |
