The EU Council revised its list of non-cooperative jurisdictions for tax purposes on 14 February 2023 and now consists of 16 jurisdictions which in addition to Russia, the BVI, Costa Rica and the Marshal Islands also includes American Samoa, Anguilla, Bahamas, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, Turks and Caicos Islands, US Virgin Islands and Vanuatu.
As per the Cyprus Tax Legislation, any dividend, interest and royalty payments made to corporate taxpayers located in such jurisdictions from a Cyprus tax resident payer is subject to 17%, 30% and 10% withholding tax, respectively.
Contact us for assistance to review your current structures in order to assess possible ways to mitigate the above tax burden.