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 [...]
Basic Information before the Purchase of Immovable Property in Cyprus Before purchasing immovable property Cyprus, it is important to have the right information to make a well-informed decision. The following information should be considered: Three (3) ways to purchase immovable property Purchase of immovable property with [...]
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 [...]
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 [...]
Policy Amendment for Registering Companies of Foreign Interests The Council of Ministers recently approved an amendment to the policy for registering companies of foreign interests through the Business Facilitation Unit (BFU). This policy pertains to the registration of companies in the Register of Foreign Interest Entities, which is currently [...]
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 [...]
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