Revised thresholds for transfer pricing documentation On February 1, 2024, the Cyprus Tax Department announced significant updates to the compliance obligations regarding the preparation of the Cyprus Local File for intercompany transactions. These changes, specifically targeting the thresholds that dictate the necessity for such documentation, pertain to Section 33 [...]
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Reduction of Special Defence Contribution rate on interest As from 1 January 2024, the tax rate for the Special Defence Contribution on interest income has been lowered from 30% to 17%. This change applies to both individuals and companies tax resident in Cyprus. The recent decrease in the tax [...]
Increased Social Insurance Contributions from 2024 As of 1st January 2024, the social insurance contribution rates for each employer and employee are increased by 0,5% and for self-employed individuals by 1%. The below table summarizes the contribution rates that are applicable for the year 2024: % Self-employed individuals 16,6 [...]
Payment of 2nd provisional tax installment for 2023 We would like to remind you that the payment deadline for the 2nd and final provisional tax installment for the tax year 2022 is the 31st of January 2024. The timely payment of provisional tax can be made through the tax [...]
Digital On-boarding Initiative by Central Bank of Cyprus: A Step Towards Streamlining Banking Services On 19th October 2023, the Central Bank of Cyprus (CBC) launched a digital on-boarding project. Led by Governor Konstantinos Herodotou, this initiative aims to simplify customer identification for banks. It promises a swift, efficient customer [...]
Amending Law Published Regarding 50% Exemption of Employment Remuneration A recently published amending law has introduced changes to the 50% exemption of employment remuneration, as outlined in Article 8(23A) of the Income Tax Law. One significant amendment is the extension of the non-tax residency requirement. Previously, individuals needed to [...]
Payment of 1st provisional tax installment for 2023 We would like to remind you that the payment deadline for the 1st provisional tax installment for the tax year 2023 is the 31st of August 2023. The timely payment of provisional tax can be made by firstly creating the provisional [...]
Extension to the deadline for the submission of 2022 Personal Income Tax returns (TD1) The deadline for the electronic submission of the 2022 Personal Income Tax returns (TD1) has been extended up to 2 October 2023 as well as for the payment of the final (if any) tax due [...]
Amendments to the Reduced VAT Rate for Properties in Cyprus On June 16, 2023, the VAT law was amended with respect to the conditions for applying the 5% reduced VAT rate on the acquisition or construction of a primary residence in Cyprus. The 5% reduced VAT applies to the [...]
Cyprus Now Offers Paid Leave from Day One for Employees Fixing an Unfair Paid Leave System Cyprus has recently made a change, giving employees the right to paid leave starting from their first day at work. This new law fixes an old problem where employees had to work for [...]