The Cyprus House of Representatives (parliament) reportedly approved amendments to the income tax law on 17 July 2020 regarding the tax treatment of intangibles assets. This includes two main changes.
The first change concerns the requirement to prepare a balancing statement when disposing of an intangible asset, which consists of the tax written down value of an asset and the disposal value, in order to identify any balancing addition or balancing deduction in relation to that asset. With e…