Paphos People

can anybody advise the rate that defence tax is deducted from bank interest??

i note that the major banks deduct the tax before interest is paid, do the coop banks do the same??

many thanks

All Cypriot banks deduct Defence Tax (Special Contribution) at the rate of 15% before paying you the interest earned on your deposit account. If your total income is less than €12,000 per annum, you can claim back 12%, being the difference between the deducted 15% and the 3% you would have to pay.

If you earn interest abroad (anywhere in the world other than Cyprus), then you have to self-declare and pay the Special Contribution twice a year, before 30 June and 31 Dec in each year.

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Kay

Those who do not like cats, must have been mice in a previous life.

many thanks