New income tax exemptions for employment income circular Further to our previous post, the Cypriot Income Tax Law was amended for certain income tax exemptions with respect to employment income. The amended law was voted in the context of the Government’s strategy to attract and retain foreign talent to Cyprus. The [...]
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New income tax exemptions for employment income On 26 July 2022, The Cypriot Income Tax Law was amended for certain income tax exemptions with respect to employment income. The amended law was voted in the context of the Government’s strategy to attract and retain foreign talent to Cyprus. Existing income [...]
Increased tax deduction for Research and Development expenses On 7 July 2022, Article 9(1)(d) of the Cyprus Income Tax (“IT’’) Law was amended to allow a tax deduction for expenditure incurred for scientific research and Research and Development (“R&D”). The said amendments were gazetted in the official Cyprus Government Gazette [...]
Payment of 1st provisional tax installment for 2022 We would like to remind you that the payment deadline for the 1st provisional tax installment for the tax year 2022 is the 31st of August 2022. The timely payment of provisional tax can be made through jccsmart.com, the card payment [...]
Introduction of limited assurance review On 9 June 2022, the House of Representatives approved amendments to the Companies Law and to the Assessment and Collection of taxes law (“the laws”). The purpose of the amendments is to simplify the procedure of auditing the Financial Statements of small and medium-sized [...]
Extension to the deadline for the payment of the 2022 annual company levy On 30 June 2022, the deadline for the payment of the 2022 annual company levy was extended from 30 June 2022 to 31 December 2022. Should the annual company levy be paid after 31 December 2022, [...]
Reduction to the financial penalty for late submission of annual returns (Form HE32) relating to 2021 and 2022 On 9 June 2022, the Cyprus Companies Law was amended to reduce the maximum amount of the total financial penalty for late submission of annual returns relating to the years 2021 and [...]
Cyprus Jordan Double Tax Treaty entered into force The Double Tax Treaty between Cyprus and the Kingdom of Jordan (the “Treaty”) entered into force on 11 April 2022. The Treaty, which was signed on 17 December 2021, will enter into effect as from 1 January 2023. The Treaty The [...]
Notional Interest Deduction rates for 2022 The Cypriot Tax Department issued an announcement listing the 10-year government bond yield rates as of 31 December 2021 for various countries with respect to the Notional Interest Deduction (NID) on equity. These yield rates are to be used to determine the reference [...]
Cyprus measures for EU-blacklisted jurisdictions Further to our previous post, on 21 December 2021 the Cypriot Income Tax Law and Special Defence Contribution Law were amended for the introduction of defensive tax measures that will apply in Cyprus in relation to jurisdictions included on the EU list of non-cooperative [...]