In October and November 2018 respectively, France and Luxembourg launched the ratification process of the new double tax treaty (“DTT”) they signed on 20 March 2018. The aim of the new DTT is to replace the existing treaty that was signed in 1958, and amended 4 times in subsequent years. The DTT follows the structure and, for the most part, the content of the 2017 OECD Model Tax Convention.
Since both France and Luxembourg did […]
Brexit—the formal departure of the United Kingdom (the UK) from the European Union (the EU), pursuant to the referendum held in the UK in June 2016—is imminent: the UK will cease to be a member of the EU on March 29, 2019. In addition to the significant political and economic uncertainty currently being experienced by the UK in the run-up to Brexit, Brexit also creates some real-world and potentially significant tax issues for a […]
As a rule, Capital Gains Tax is imposed at 20% on all gains (regardless of the tax residence of the owner/seller) arising from:
Direct Disposals i.e. Disposal of immovable property situated in Cyprus;
Indirect Disposals i.e. Disposals of shares of companies holding immovable property situated in Cyprus (charged on the appropriate portion of the gain).
NOTE: Disposals of shares of companies listed on a recognized Stock Exchange are exempted.
Calculation
The gain is calculated by deducting from […]