The Cyprus Tax Department recently announced, on 31 December 2016, that the ten-year government bond yield rate of the below listed countries, has increased by 3%.

As stated by the Tax Department, their “reference rate” for the purposes of granting tax allowance on new capital, as per article 9B of the Income Tax Law N.118(I)/2002, as amended from time to time, is as follows and this will be the basis used for notional interest deductions in the 2017 tax year:

Click here to view table.