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16 December 2016
Circular 2016/14,(1) issued by the Tax Department on September 29 2016, clarifies the taxation arrangements for companies which provide betting services under a licence issued by the National Betting Authority in accordance with the Gambling Law 2012.(2)
Such companies are not subject to income tax on profits or gains arising from the services they provide if:
A back-up server installation within Cyprus will not be deemed to constitute a permanent establishment.
The circular clarifies that, despite the tax exemption, Article 5A of the Assessment and Collection of Taxes Law 1978, as amended, continues to apply to such companies.(3) Under Article 5A:
For further information on this topic please contact Philippos Aristotelous at Andreas Neocleous & Co LLC by telephone (+357 25 110 000) or email (firstname.lastname@example.org). The Andreas Neocleous & Co LLC website can be accessed at www.neocleous.com.
(1) Available here in Greek.
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