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Experience:  15years with H & R Block. Divisional leader, Instructor
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Please define how I can deduct losses carried forward from

Resolved Question:

Please define how I can deduct losses carried forward from the corporate tax-base in Cyprus?
Submitted: 2 years ago.
Category: Tax
Expert:  Lindie-mod replied 2 years ago.
Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find a Professional to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 2 years ago.
I am still waiting for the answer.
Expert:  Lindie-mod replied 2 years ago.
Sometimes, finding the right Professional can take a little longer than expected and we thank you greatly for your understanding. We’ll be in touch again shortly
Expert:  Robin D. replied 2 years ago.

Hello and thank you for using Just Answer,

Let me begin by telling you that the reason it has taken so long to get an expert to respond to your question is that we do not have an expert in Cyprus Tax Law. I will be able to tell you the basics on corporate losses but if you are going to need detailed info you will need to work with your tax professional in Cyprus.

If your losses are from 1997 onward you can apply them against profits from other activities. If in the same year there are no profits from other activities tax losses can be carried forward and set off against taxable income without time limit. A company in Cyprus can set off losses from a permanent establishment abroad against profits from the company in Cyprus. Then any subsequent profits of the permanent establishment abroad would be taxed in Cyprus to the extent of the allowable losses, which were set off.

There is also group loss relief. Group loss relief is allowed only if both companies are tax residents in Cyprus. With this, you can offset the tax loss of one company in the group with the taxable income of another company in the same group.

If you do have International business units, the time to be able to carry forward do not start in 1997, they would begin from 2003.

I sincerely XXXXX XXXXX information is helpful. Here is a link to the Inland Revenue Department
http://www.mof.gov.cy/mof/ird/ird.nsf/All/F511884FFDD51933C225738D003F7425?OpenDocument

 

We have recently implemented a new rating and feedback system. Please be aware that you are rating my courtesy and service as a professional, and not necessarily whether you like the information that you are receiving.

Customer: replied 2 years ago.
The answer is excellent, however the link is broken. Please correct it.
Expert:  Robin D. replied 2 years ago.

I am glad you are satisfied with the answer.

http://www.mof.gov.cy/mof/ird/ird.nsf/dmlindex_en/dmlindex_en?OpenDocument

The above is their home page you may need to copy and paste to access.

 

And thank you in advance for rating my service as excellent. You will actually need to click on the rating when prompted.

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7715
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D.
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15years with H & R Block. Divisional leader, Instructor