CYPRUS TAX FACTS – WEAR & TEAR ALLOWANCE Buildings Rate % Industrial Buildings 4 Agricultural Buildings 4 Hotel Buildings 4 Industrial and Hotel buildings acquired during 2012-2016 7 Commercial buildings and flats 3 Metallic greenhouse structures 10 Wooden greenhouse structures…
New IP regime In brief, under the new regime, 80% of qualifying profits generated from qualifying assets will be deemed to be tax deductible expenses. Qualifying assets are those acquired, developed or exploited by a person in the course of…
The most important dates for tax purposes are as follows: End of each month Payment of tax deducted from employees salary (PAYE) in the preceding month.Payment of special contribution for defence withheld on payments of dividends, interest or rents (when…
HOW INDIVIDUALS ARE TAXED Taxable Income€ Tax Rate% Tax€ Cumulative Tax€ 0 – 19.500 0 0 0 19.501 – 28.000 20 1.700 1.700 28.001 – 36.300 25 2.075 3.775 36.301 – 60.000 30 7.110 10.885 60.001 and over 35 Domiciled…
Notional Interest Deduction (NID) Scheme Background Debt has traditionally been a tax efficient way of financing business operations. However, tax developments are such that businesses financing their operations through back to back debt, may be subject to certain risks and…
Introduction The international tax landscape is changing worldwide. It is becoming increasingly clear that it is not a matter of moving from one jurisdiction to another: the initiatives undertaken by the G20 and the OECD are global in their…
Owning a Company in Cyprus requires a number of statutory reporting and financial obligations, with which is essential to comply. With the increased number of regulations set by the Authorities in the last years, we have to ensure the full…
Criteria for Individuals to be considered as Cyprus Tax Residents According to Section 2 of the Income Tax Law, an individual is resident in Cyprus, if he/she resides therein for a period or more which in aggregate exceed 183 days…