On 7 March 2024, the Cyprus Tax Department announced the release of reference rates for 2024 that will be used to calculate the notional interest deduction (NID) on new equity investments. According to regulations, the NID rate is equivalent to the 10-year government bond yield of the country where the assets financed by the new equity are employed (the reference rate), with a 5% increment. The reference rates of each year are based on the rates as of 31 December 31 of the previous tax year. The reference rate for Cyprus is set at 3.250% for 2024. This reference rate table provides the reference rates for different countries for different years up to 31 December 2023.