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      The Cyprus Tax Department (CTD) announced the interest yields of the 10-year government bonds for a number of countries as listed below as at 31 December 2024. The interest yields of the 10-year government bonds increased by 5%, represents their “reference rate” for the purposes of granting tax allowance on new capital as per article 9B of the Income Tax Law N.118(I)/2002, as amended.

      By way of background, the NID reference rate constitute the interest rate of the 10 year government bond yield of the country in which the new equity is invested (as at 31st December of the previous tax year), increased by 5%.

      NID reference rates are as follows:

       

      31/12/2024

      NID Reference Interest Rate 2025

      Abu Dhabi

      5,018

      10,018

      Albania

      N/A

      N/A

      Albania (€)

      4,615

      9,615

      Angola (US$)

      11,123

      16,123

      Argentina

      5,537

      10,537

      Armenia

      7,224

      12,224

      Australia

      4,437

      9,437

      Austria

      2,884

      7,884

      Azerbaijan(US$)

      5,855

      10,855

      Bahrain(US$)

      6,835

      11,835

      Belarus(US$)

      25,438

      40.438

      Belgium

      2,952

      7,952

      Bermuda(US$)

      5,574

      10,574

      Bosnia and Herzegovina

      N/A

      N/A

      Brazil(€)

      15,193

      20,593

      Brazil(US$)

      6,799

      11,700

      British Virgin Islands

      N/A

      N/A

      Bulgaria

      3,440

      8,440

      Cameroon(€)

      9,579

      14,579

      Canada

      4,324

      9,324

      Cayman Islands

      N/A

      N/A

      Chile

      5,960

      10,960

      Chile(€)

      3,788

      8,788

      Chile(US$)

      5,458

      10,458

      China

      2,941

      7,941

      Colombia

      11,182

      16,182

      Colombia (US$)

      7,559

      12,559

      Costa Rica

      6,652

      11,652

      Croatia

      3,129

      8,129

      Cyprus

      2,980

      7,980

      Czech Republic

      4,087

      9,087

      Denmark

      2,179

      7,179

      Dubai(€)

      N/A

      N/A

      Dubai (US$)

      4,520

      9,520

      Egypt

      26,008

      31,008

      Egypt(US$)

      9,820

      14,820

      Estonia

      3,420

      8,420

      Finland

      3,017

      8,017

      France

      3,278

      8,278

      Germany

      2,500

      7,500

      Georgia

      7,690

      12,690

      Ghana

      33,896

      38,896

      Ghana (US$)

      9,937

      14,937

      Guernsey

      N/A

      N/A

      Greece

      3,898

      8,898

      Hong Kong

      2,601

      7,601

      Hungary

      6,519

      11,519

      India

      7,027

      12,027

      Indonesia

      6,773

      11,773

      Indonesia(US$)

      4,865

      9,865

      Indonesia(€)

      3,887

      8,887

      Ireland

      2,898

      7,898

      Iraq

      N/A

      N/A

      Isle of Man

      5,387

      10,387

      Israel

      4,827

      9,827

      Israel(US$)

      6,166

      11,166

      Italy

      4,002

      9,002

      Ivory Coast

      7,891

      12,891

      Japan

      1,037

      6,037

      Jamaica (US$)

      8,060

      13,060

      Jordan (US$)

      7,355

      12,355

      Kazakhstan (€)

      3,726

      8,726

      Kazakhstan (US$)

      5,141

      10,141

      Kenya

      10,739

      15,739

      Kuwait

      N/A

      N/A

      Latvia

      3,423

      8,423

      Lebanon

      N/A

      N/A

      Lithuania

      3,537

      8,537

      Luxembourg

      2,899

      7,899

      Malaysia

      3,877

      8,877

      Malta(€)

      3,951

      8,951

      Mexico

      10,030

      15,030

      Mexico(US$)

      6,184

      11, 184

      Mexico(€)

      4,644

      9,644

      Moldova

      N/A

      N/A

      Montenegro

      4,496

      9,496

      Morocco                  

      3,007

      8,007

      Mauritius

      5,065

      10,065

      Netherlands

      2,596

      7,596

      New Zealand

      4,452

      9,452

      Nigeria

      19,170

      24,170

      Nigeria(€)

      N/A

      N/A

      Norway

      3,841

      8,841

      North Macedonia (Skopje) (€)

      N/A

      N/A

      Oman (US$)

      5,761

      10,761

      Pakistan

      N/A

      N/A

      Pakistan (US$)

      11,418

      15,418

      Panama (US$)

      7,215

      12,215

      Poland

      3,361

      8,361

      Portugal

      2,755

      7,755

      Qatar(US$)

      4,870

      9,870

      Romania

      7,332

      12,332

      Russia

      14,380

      19,380

      Russia (US$)

      N/A

      N/A

      Saudi Arabia

      5,326

      10,326

      Serbia

      6,197

      11,197

      Singapore

      2,851

      7,851

      Slovakia

      3,359

      8,359

      Slovenia

      3,013

      8,013

      South Africa

      9,940

      14,940

      Spain

      3,013

      8,013

      Sweden

      2,411

      7,411

      Switzerland

      0,269

      5,269

      Taiwan

      1,633

      6,633

      Tunisia

      N/A

      N/A

      Turkey

      27,190

      32,190

      Turkey (€)

      4,794

      9,794

      Turkey (US$)

      7,365

      12,365

      U.S.A

      4,772

      9,572

      Ukraine

      N/A

      N/A

      Ukraine (€)

      N/A

      N/A

      Ukraine (US$)

      13,426

      18,426

      United Arab Emirates

      N/A

      N/A

      United Kingdom

      4,565

      9,565

      Uruguay

      3,202

      8,202

      Uruguay (US$)

      5,370

      10,370

      Uzbekistan (US$)

      7,304

      12,304

      Vietnam

      2,680

      7,680

      In respect of countries not mentioned in the announcement, taxpayers may apply to the CTD for the determination of the appropriate NID Reference rate enclosing the interest yields of the 10-year government bonds for the countries concerned as identified on the basis of the Bloomberg Index, or in the absence thereof, their estimation of the applicable rate.

      KPMG Limited may offer further assistance in the determination of the applicable NID Reference Rates via the submission of appropriate ruling requests to the CTD.

      For any further information required, please do not hesitate to contact us.

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      George Markides
      Board Member
      KPMG Limited
      Head of Tax Services

      Costas Markides
      Board Member
      KPMG Limited
      International Tax Services

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      Christophoros Anayiotos

      Board Member, Head of Deal Advisory

      KPMG in Cyprus

      Katia Papanicolaou
      Board Member     
      KPMG Limited
      Direct Tax Services            

      Stelios Stylianou
      Board Member
      Direct Tax Services
      KPMG Limited

      Michael Halios
      Board Member
      International Tax Services
      KPMG Limited

      Michalis Loizides
      Board Member
      Tax Services
      KPMG Limited