Alerts

New Tax Guidelines for Health Insurance Premium Contributions

June 10th, 2024|

New Tax Guidelines for Health Insurance Premium Contributions The Department of Taxation has issued a new circular (3/2024) providing clear guidance on the tax treatment of premium contributions to Health Insurance Plans from individuals and employers [...]

Revised thresholds for transfer pricing documentation

February 3rd, 2024|

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 [...]

Reduction of Special Defence Contribution rate on interest

January 12th, 2024|

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 [...]

Increased Social Insurance Contributions from 2024

December 13th, 2023|

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 [...]

Payment of 2nd provisional tax installment for 2023

December 13th, 2023|

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 [...]

Digital On-boarding Initiative by Central Bank of Cyprus

October 20th, 2023|

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 [...]

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