Individual's Rates of Tax in Cyprus Individuals are subject to the following progressive personal income tax rates: Taxable Income € Tax Rate % Cumulative tax € 0 – 19.500 0 nil 19.501 – 28.000 20 1.700 28.001 – 36.300 25 3.775 36.301 – 60.000 30 [...]
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Individual's Tax Residence in Cyprus A physical person is considered tax resident in Cyprus for any calendar year if he/she fulfills any one of the following two tests: Tax Residence tests A. 60 days Physical presence in Cyprus of at least 60 days in [...]
How do I become a tax resident in Cyprus? A person is considered a tax resident in Cyprus if they are physically present in the country for more than 183 days in a calendar year, or if they are physically present for at least 60 days and meet certain [...]
Deemed Dividend Distribution of 31 December 2022 We would like to bring to your attention the obligations arising from the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that will be in effect on December 31, 2022. What profits are within the scope of [...]
Payment of 2nd provisional tax installment for 2022 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 2023. The timely payment of provisional tax can be made through the tax [...]
Israeli Court Rules IP Value is Six Times Higher than Claimed Executive Summary The Tel Aviv District Court ruled in favor of the Israeli Tax Authorities (ITA), who claimed that the intellectual property (IP) which CA Software Israel Ltd. sold back in 2010 was worth ILS667m (rather than ILS111m [...]
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. [...]
Taxes in relation to property in Cyprus In Cyprus, there are several taxes that may be applicable to the purchase of real estate. These taxes include transfer fees, stamp duty, value-added tax (VAT), and capital gains tax (CGT). Transfer Fees - Payable by the buyer When a property is [...]
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 [...]