Trnc - taxation

Avril


Joined: 21/05/2007
Posts: 164

Message Posted:
08/07/2007 19:05

Hi,

I've been trying to locate information on TRNC Income and Corporation tax etc. So far, all I've located is summary information within property sellers websites. I would be grateful if anyone could advise which tax law presides in the TRNC and if anyone is able to provide a website address or the name of a study textbook (written in english).

Thanks.

desert rose


Joined: 18/06/2007
Posts: 64

Message Posted:
09/07/2007 07:58

That is something ive been trying to find out too... And it is driving me up the wall! I have information from the TRNC office london about taxes etc for importing goods, there are different rates for different things. But it doesnt state what these things are. Ive contacted the Chamber of commerce/ Chamber of Industry etc in the TRNC - and no reply... :-( Im sure once I get over to the TRNC my solicitor will help with this but I wanted to find out before hand..



x

desert rose


Joined: 18/06/2007
Posts: 64

Message Posted:
09/07/2007 08:04

Corporation tax is (i think) 23%. Income tax??



x

Kitty1


Joined: 15/03/2007
Posts: 683

Message Posted:
09/07/2007 12:18

I think deductions come out at round about 16-17% of monthly salary - income tax, national insurance and something else but I can't remember what! It may of course be graduated like in the UK according to salary bracket, but again, I don't know for sure. Corporation tax is a lot lower than the UK.

Avril


Joined: 21/05/2007
Posts: 164

Message Posted:
09/07/2007 20:16

Hi Ladies,

Thanks for that. I've already asked my solicitor but he advises finance is not his fortie. I was considering contacting GAU as I reckon they may offer courses on this (hopefully a correspondence one will be available as I'm not moving to TRNC until next summer). Thanks for posting replies to my query.

Av

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
10/07/2007 13:49

Will be interesting to see results of this although I dont need to think about retiring to our house in TRNC for a few years yet. I have seen figures on NC forums but it is very hard to backtrack any of their threads.

I can tell you that tax on interest on a savings account is deducted at source at 8%. It was 7% until earlier this year. But as they pay between 15 and 18% it hardly makes much difference.

Breezyboy