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

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
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
14 12, 2022

Deemed Dividend Distribution of 31 December 2022

2022-12-17T21:55:52+00:00

Deemed Dividend Distribution of 31 December 2022 We would like to bring to your attention the obligations arising from the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law that will be in effect on December 31, 2022. What profits are within the scope of [...]

Deemed Dividend Distribution of 31 December 20222022-12-17T21:55:52+00:00
12 12, 2022

Payment of 2nd provisional tax installment for 2022

2022-12-17T21:56:59+00:00

Payment of 2nd provisional tax installment for 2022 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 2023. The timely payment of provisional tax can be made through the tax [...]

Payment of 2nd provisional tax installment for 20222022-12-17T21:56:59+00:00
18 09, 2022

Taxes in relation to property in Cyprus

2022-12-18T21:18:40+00:00

Taxes in relation to property in Cyprus In Cyprus, there are several taxes that may be applicable to the purchase of real estate. These taxes include transfer fees, stamp duty, value-added tax (VAT), and capital gains tax (CGT). Transfer Fees - Payable by the buyer When a property is [...]

Taxes in relation to property in Cyprus2022-12-18T21:18:40+00:00
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