The Cyprus Tax Department has announced the publication of the reference rates for Montenegro and Cameroon to be used for determining the notional interest deduction (NID) for new equity investments in 2023 and 2024. This includes the reference rates as on 31 December 2022 and on 31 December 2023.

Under the rules, the NID rate is equal to the 10-year government bond yield of the country in wh…