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Please define how I can deduct losses carried forward from

the corporate tax-base in Cyprus?...
Please define how I can deduct losses carried forward from the corporate tax-base in Cyprus?
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Answered in 21 hours by:
7/2/2012
Lindie-mod
Category: Tax
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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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Customer reply replied 5 years ago
The answer is excellent, however the link is broken. Please correct it.

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.
Robin D., Senior Tax Advisor 4
Category: Tax
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