On 14 October 2016, the House of Representatives enacted into law amendments to the Income Tax Law (ITL) which provide for:
- the gradual phase out of the current IP regime, and
- the introduction of a new IP regime that is fully aligned with the parameters of the relevant OECD recommendations of Action 5 plan on fighting base erosion and profit shifting (BEPS) as well as the new EU rules on the subject.
In the below link we analyse in detail the amendments to the ITL. Should you require more clarifications or you want to utilize Cyprus beneficial IP Box regime please do not hesitate to contact us.