North Cyprus
Today is Thursday, 17th August 2017

Taxes

Corporation Tax

All companies and other corporate bodies, except cooperative societies, are chargeable under Corporation Tax Laws.

Income Tax

In addition to the Corporation Tax liability the corporations which are specified under the Corporations Tax Law have to deduct income tax at source, at a standard rate of 15% on the net chargeable income after corporation tax is deduced. Companies chargeable with 10% of corporation tax deduct income tax according to the Corporate Retained Earnings/Paid Up Capital ratio (This ratio must not exceed the standard rate).

Value Added Tax

The Value Added Tax Law was introduced in 1996 as a Consumption Tax. Five VAT rates are applied in accordance with VAT rates regulation. Applied VAT rates are: 0%, 3% 9%,13% and 20%.

On most new build properties there is a 15% V.A.T charge on them payable at time of transfer of title.
3% (Purchase Tax) Payable on transfer of Title. The Purchase Tax is based on the Land Registry Valuation of the property – this is usually considerably less than the selling price as only bricks, mortar and size of land are taken into consideration, not fixtures and fittings.

5% KDV (VAT).

1% of the 3% Belediye (Local Council) Fees.

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