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Amendment of the Special Defence Contribution (SDC) Law
The Cyprus Parliament has passed an amendment of the Special Defence Contribution (SDC) Law (117(I)/2002), which is effective as from the 8th of June 2022.
What you need to know
The amendment aims to broaden the application of the reduced SDC rate of 3%. The following table indicates the changes:
Furthermore, the amendment now clarifies that interest income derived from the ordinary carrying on of a business or closely connected with the ordinary carrying on of a business is not considered as interest and therefore it does not fall within the provisions of the SDC law.
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