On 7 March 2024, the Cypriot Tax Department issued an announcement that lists the 10-year government bond yield rates as of 31 December 2023 for a number of countries (listed in the table below) with respect to the notional interest deduction (NID) on equity. These yield rates should be used to determine the reference interest rate for claiming NID for the 2024 tax year.
The key NID provisions and the applicability of the 10-year government bond yield rates are summarized below.
Notional interest …