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
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
7 11, 2021

Cyprus Plan for attracting companies in Cyprus

2022-12-16T22:47:11+00:00

Cyprus Plan for attracting companies in Cyprus On 15 October 2021 the Cyprus government presented its Action Plan for attracting companies to operate or expand their activities in Cyprus. The new strategy is in line with the guidelines of the European Commission and the Recovery and Resilience Facility, and its [...]

Cyprus Plan for attracting companies in Cyprus2022-12-16T22:47:11+00:00
22 04, 2021

Extension to the filing date of tax returns

2022-12-16T22:53:36+00:00

Extension to the filing date of tax returns In accordance with an amending Assessment and Collection of Taxes law published on 20 April 2021, the following deadlines are extended to 30 September 2021: • Electronic submission of the 2020 personal income tax return (TD1A) of individuals and payment of [...]

Extension to the filing date of tax returns2022-12-16T22:53:36+00:00
21 12, 2020

20% tax exemption for newly residents

2022-12-16T22:53:49+00:00

20% tax exemption for newly residents Background Article 8(21) of the Income Tax Legislation provides that the lower of €8.550 and 20% of the remuneration from any employment exercised in Cyprus by an individual who was resident outside Cyprus the tax year before the year of commencement of employment [...]

20% tax exemption for newly residents2022-12-16T22:53:49+00:00
15 09, 2020

Amendments to the Assessment and Collection of Taxes Law

2022-12-16T23:08:53+00:00

Amendments to the Assessment and Collection of Taxes Law On 20 of August 2020, several amendments were enacted in the  Cypriot Assessment and Collection of Taxes Law. The amendments aim to improve tax compliance and grant the Commissioner of Taxation increased powers in relation to tax collection. The amendments [...]

Amendments to the Assessment and Collection of Taxes Law2022-12-16T23:08:53+00:00
4 08, 2020

Taxation of P2P Interest Income

2022-12-16T23:09:09+00:00

Taxation of P2P Interest Income Recently we assisted a European private investor relocating to Cyprus. As part of our pre-arrival planning, we reviewed his worldwide incomes to determine his tax position in Cyprus and his global effective tax rate. Upon review, we determined that the majority of his incomes [...]

Taxation of P2P Interest Income2022-12-16T23:09:09+00:00
17 02, 2020

Cyprus Tax Resident Certificate

2023-01-18T12:45:35+00:00

Cyprus Tax Resident Certificate for individuals Introduction We set out below the main requirements and conditions that must be met for an individual to obtain a tax residency certificate from the Cypriot Tax Department. A tax resident certificate is usually requested by foreign tax authorities in order to apply the [...]

Cyprus Tax Resident Certificate2023-01-18T12:45:35+00:00
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