The Cyprus Tax Department recently issued a notice on the publication of additional reference rates for 17 countries to be used in 2023, 2022, and 2021 for determining the notional interest deduction (NID) for new equity investments. Under the rules, the NID rate is equal to the 10-year government bond yield of the country in which the assets funded by the new equity are utilized (the reference rate), increased by 5%. The reference rates for a particular year are determined based on the rates as at 31 December of the year preceding the tax year. Further to the reference rates...