Definition of "securities" clarified and expanded

The Inland Revenue has recently published a Circular (No 2008/12) in which the term "securities" is clarified. According to the Income Tax Law (ITL), gains derived from the sale of securities are exempt.

The term "securities" is defined in the ITL as "shares, bonds, debentures, founder's shares and other securities of companies or other legal persons, incorporated under a law in the Republic of Cyprus, including options thereon". Some uncertainties could arise r…