The Cyprus Parliament Voted To Extend The Application Of The Debt Restructuring Provisions To 31 December 2021

On 3 December 2020 the Cyprus Parliament voted for the extension of relevant tax provisions of the Cyprus tax legislation with respect to the debt restructurings, Mondaq reported. The debt restructuring provisions allow for certain tax relief incentives for transactions which involve the transfer of Cyprus immovable property by a borrower (the definition of "borrower" has been extended recently to include any related person to the primary borrower) and/or debtor and/or guarantor to a qualified lender. The relevant tax relief incentives entered into force on 31 December 2015 for an initial period of two years to 31 December 2017, and have already been extended twice, with the second extension being to 31 December 2020. Read more