For the purposes of the NID the Cyprus Tax Authorities (CTA) have now announced the interest yields of the 10-year government bonds for Cyprus, Czech Republic, Germany, India, Latvia, Poland, Romania, Russia, Ukraine, United Arab Emirates and United Kingdom as at 31 December 2016, the relevant date for tax year 2017. We understand that, unless stated otherwise, the announced interest yields are for bonds denominated in the official currency of the respective issuing country. Based on the CTA announcement the NID interest rate (i.e. the interest yield of the 10-year government bonds plus 3%) for tax year 2017 for funds employed in the above mentioned countries is as set out in the table below:
|Country where the funds are employed||2017 NID interest rate|
|Cyprus, *Czech Republic, *Germany, *Latvia, *United Arab Emirates, *United Kingdom||6.489%|
|Russia Russia (denominated in US dollars)||11.380% 7.409%|
* The Cyprus NID interest rate is used as it is the minimum.
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