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Article by: Sam Orgill firstname.lastname@example.org Published: 24/08/2007If you receive gross interest on bank deposits outside Cyprus then you must declare and pay the defence levy tax on interest earned to the end of December.
The EU Savings Tax Return and payment of defence levy tax is due by the end of January 06.
Generally the Defence Levy Tax rate is 10% on bank interest and 15% on dividends but you can claim a reduction to 3% in certain cases.
Remember the EU Savings Tax rules came into force on 1st July 2005 and all interest will be declared by the banks to the tax authorities of your resident country.
Cyprus have also set up Expatriate Pensions section of the Inland Revenue to track pension and EU Savings Tax returns.
Let us know if we can help with either;
Completion and submission of the EU Savings Tax Return.
Advice on liability to EU Savings Tax.
Review of holdings to avoid EU Savings Tax altogether & hence need for return.
Please contact the author at email@example.com for more information.
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