EC Directives
Cyprus, upon becoming a member of the European Union on 1 May 2004, has fully adopted the EC Directives amongst which those which aim to achieve a uniform taxation policy between the 25 Member States.

The major EC Directives which have been consolidated in the Cypriot taxation Laws are the following:

• EC Parent/Subsidiary Directive - Aims to ensure no taxation in transactions between parent and subsidiary companies situated in different Member States

• EC Mergers Directive - Aims to ensure no taxation on company reorganization between different Member States

• EC Interest and Royalty Directive - Aims to reduce withholding taxes on payments of interest and royalties between Member States.

• EC Savings Directive - Aims to ensure taxation of interest income in one EU Member State.

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