The complexities of tax obligations can often be challenging to navigate. At IBCCS TAX, we provide comprehensive services relating to the declaration of withheld Special Defence Contribution (SDC) and General Healthcare System (GHS) contributions from interest income in Cyprus, ensuring individuals and entities responsible for these tasks are compliant with Cyprus tax law.
SDC is a tax imposed on certain types of income, including interest, for Cyprus tax residents. Currently, interest income is subject to a 30% SDC, though this rate can change, and certain exemptions may apply.
The GHS, implemented in 2019, is a national health insurance scheme funded by contributions from different types of income, including interest.
At IBCCS TAX, our team of experts offers specialized services for withholding agents, supporting them in fulfilling their obligations related to the declaration of withheld SDC and GHS contributions from interest income.
Our services include:
With IBCCS TAX handling your SDC and GHS declaration responsibilities, you can be confident that these are calculated accurately and declared correctly, thereby mitigating the risk of potential non-compliance penalties and saving you valuable time.
For personalised, professional, and efficient tax services that cater to your unique needs, choose IBCCS TAX. Contact us today to learn more about how we can support you with your SDC and GHS declaration obligations.
Entities that pay interest income, such as banks and financial institutions, often have a responsibility to withhold SDC and GHS contributions at source. This involves the deduction of the relevant percentage of SDC and GHS contributions before making interest payments to the beneficiaries.
These withholding agents are also required to declare these deductions to the Cyprus Tax Department. This declaration is crucial to ensure compliance with Cyprus tax law.
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