In December 1990 the House of Representatives approved the income tax reform bill which introduced substantial changes to the method of business taxation. However, special tax exemptions exist for foreign owned companies which derive all their income from sources outside the Republic ("offshore entities").
This information was correct in July 1997.
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Business Taxation In Cyprus
KPMG in Cyprus
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KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise.