What taxes are paid in North Cyprus

by admin on February 21, 2020

All companies and joint ventures, with the exception of cooperative societies, are taxed on income.
The amount of tax.
1. Enterprises registered in the country as “Local companies” are subject to 25% income tax.
2. Enterprises that are classified as “foreign companies”, regardless of whether they are registered in the country or not, are also subject to 25% of the income received from trade or from any other type of activity on the territory of the TRNC.
3. Subsidiary subsidies for the establishment of an enterprise and subsequent annual deductions are deducted before tax on income of the enterprise.
An enterprise is classified as a “local company” if the central management and control of activities is carried out on the territory of the TRNC.
For the calculation of taxes, all income of such enterprises, including income received abroad, is taken into account, but in order to avoid double taxation, part of the company’s taxes is allowed to be paid abroad.