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08 December 2017
The Income Tax Law was amended in 2012 to introduce accelerated capital allowances for tax purposes on assets purchased between 2012 and 2014, inclusive. The annual writing-down allowance was:
In 2015 the Income Tax Law was amended again to extend the new higher rates to assets purchased during 2015 and 2016.
Law 165(I)/2017, which was published in the Official Government Gazette on November 24 2017, extends the higher rates for a further two years. For plant and machinery acquired up to the end of 2018, the annual writing-down allowance rate will be 20% or any higher rate applying to the category of assets concerned. For industrial buildings and hotels acquired up to the end of 2018, the annual writing-down allowance will be 7%.
In addition, the new law introduces an annual writing-down allowance of 7% for farm buildings and livestock production units acquired in 2017 and 2018.
For further information on this topic please contact Philippos Aristotelous at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email (email@example.com). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.
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