{"id":8443,"date":"2022-07-08T09:02:06","date_gmt":"2022-07-08T06:02:06","guid":{"rendered":"https:\/\/vrikislegal.com\/?p=8443"},"modified":"2022-07-08T09:02:33","modified_gmt":"2022-07-08T06:02:33","slug":"cyprus-amendments-to-the-income-tax-law","status":"publish","type":"post","link":"https:\/\/www.vrikislegal.com\/sv\/cyprus-amendments-to-the-income-tax-law\/","title":{"rendered":"Amendments To The Income Tax Law"},"content":{"rendered":"<p>As on the 7<sup>th<\/sup> July 2022, the Cyprus House of Representatives passed amendments to the Income Tax Law, as follows:<\/p>\n<ul>\n<li>Increased deduction by 20% on the actual expenditure incurred on scientific research as well as research and development. According to the new provisions of the Law, an increased deduction of 20% will be granted on the actual expenditure for scientific research as well as research and development, as recognized on the basis of the international accounting standards, incurred by a person carrying on a business and who has the economic ownership of the intangible asset that results or may result from incurring such expenditure.<\/li>\n<li>The increased deduction will also be granted in thecases where the expenditure that will be incurred willbe of a capital nature and capital allowances will beclaimed on the said expenses.<\/li>\n<li>The increased deduction that will be granted based onthe provisions indicated above cannot be claimed inthe cases where a deduction will be claimed on thequalifying profits that are generated by a qualifyingintangible asset based on the provisions of section9(k) of the Law.<\/li>\n<li>The increased deduction indicated above will apply onthe expenditure that will be incurred during the years2022, 2023 and 2024.<\/li>\n<\/ul>\n<hr \/>\n<p>For any further guidance regarding this procedure or if you require an initial consultation, please do not hesitate to contact our Law Firm at <a href=\"mailto:info@vrikislegal.com\">info@vrikislegal.com<\/a>, +357 22 261 777 or +357 25 261 777 or please visit our office in Nicosia or Limassol.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As on the 7th July 2022, the Cyprus House of Representatives passed amendments to the Income Tax Law, as follows: Increased deduction by 20% on the actual expenditure incurred on scientific research as well as research and development. According to the new provisions of the Law, an increased deduction of 20% will be granted on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[138,116],"tags":[],"class_list":["post-8443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax","category-tax"],"_links":{"self":[{"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/posts\/8443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/comments?post=8443"}],"version-history":[{"count":0,"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/posts\/8443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/media\/8444"}],"wp:attachment":[{"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/media?parent=8443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/categories?post=8443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrikislegal.com\/sv\/wp-json\/wp\/v2\/tags?post=8443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}