3 02, 2024

Revised thresholds for transfer pricing documentation

2024-02-03T21:40:45+00:00

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 [...]

Revised thresholds for transfer pricing documentation2024-02-03T21:40:45+00:00
12 01, 2024

Reduction of Special Defence Contribution rate on interest

2024-01-12T06:34:43+00:00

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 [...]

Reduction of Special Defence Contribution rate on interest2024-01-12T06:34:43+00:00
13 12, 2023

Increased Social Insurance Contributions from 2024

2023-12-13T21:12:04+00:00

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 [...]

Increased Social Insurance Contributions from 20242023-12-13T21:12:04+00:00
13 12, 2023

Payment of 2nd provisional tax installment for 2023

2023-12-13T20:43:53+00:00

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 [...]

Payment of 2nd provisional tax installment for 20232023-12-13T20:43:53+00:00
15 07, 2023

Amending Law Published Regarding 50% Exemption of Employment Remuneration

2023-07-15T16:31:15+00:00

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 [...]

Amending Law Published Regarding 50% Exemption of Employment Remuneration2023-07-15T16:31:15+00:00
15 07, 2023

Payment of 1st provisional tax installment for 2023

2023-07-15T15:51:59+00:00

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 [...]

Payment of 1st provisional tax installment for 20232023-07-15T15:51:59+00:00
12 01, 2023

Implementation of National Minimum Wage in Cyprus

2023-01-12T14:09:53+00:00

Implementation of National Minimum Wage in Cyprus Beginning on January 1, 2023, the National Minimum Wage in Cyprus will be in effect. The relevant Decree issued by the Council of Ministers stipulates a gross starting salary of €855 per month for the first six months of employment. After six [...]

Implementation of National Minimum Wage in Cyprus2023-01-12T14:09:53+00:00
23 12, 2022

Court case raises questions about attribution of intangible-related profits

2022-12-23T10:44:51+00:00

Court case raises questions about attribution of intangible-related profits A recent court case in Sweden has raised questions about how to attribute profits related to intangible assets, like trademarks. The case involved a Swedish company (AB) that paid a Maltese group company (Corp) for the use of a trademark [...]

Court case raises questions about attribution of intangible-related profits2022-12-23T10:44:51+00:00
19 12, 2022

Minimum Taxation Directive

2022-12-19T13:43:47+00:00

Minimum Taxation Directive Introduction The European Union (EU) has recently reached an agreement on the Minimum Taxation Directive, which aims to ensure that large companies pay a minimum level of tax in the EU. This directive, also known as Pillar Two, is a set of rules agreed upon by [...]

Minimum Taxation Directive2022-12-19T13:43:47+00:00
18 12, 2022

Individual’s Tax Residence in Cyprus

2023-01-18T12:43:04+00:00

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 [...]

Individual’s Tax Residence in Cyprus2023-01-18T12:43:04+00:00
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