10 06, 2024

Settlement of Taxes Through Self-Assessment Due by End of June

2024-06-10T09:19:54+00:00

Settlement of Taxes Through Self-Assessment Due by End of June As we approach the mid-year mark, it's crucial to ensure that all tax liabilities are settled in a timely manner. The deadline for the settlement of taxes through self-assessment is 30 June 2024 (with a 30 day grace period). [...]

Settlement of Taxes Through Self-Assessment Due by End of June2024-06-10T09:19:54+00:00
10 06, 2024

New Tax Guidelines for Health Insurance Premium Contributions

2024-06-10T09:03:50+00:00

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 covering their employees. These are the key highlights of the Circular: Income Tax [...]

New Tax Guidelines for Health Insurance Premium Contributions2024-06-10T09:03:50+00:00
26 05, 2024

Updates on the New Legislation and Process for Naturalization of Foreign Nationals

2024-05-26T21:19:25+00:00

Updates on the New Legislation and Process for Naturalization of Foreign Nationals On May 16, 2024, the House of Representatives passed a crucial amendment to the Civil Registry Law to address issues that arose from the initial changes made in December 2023. Here’s an overview of the updated legislation: [...]

Updates on the New Legislation and Process for Naturalization of Foreign Nationals2024-05-26T21:19:25+00:00
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
20 10, 2023

Digital On-boarding Initiative by Central Bank of Cyprus

2023-10-20T09:02:22+00:00

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 aims to simplify customer identification for banks. It promises a swift, efficient customer [...]

Digital On-boarding Initiative by Central Bank of Cyprus2023-10-20T09:02:22+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
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