Personal Tax Return 2023

The submission of the income tax returns for individuals in Cyprus (form IR1) for the year 2023 is now available via TaxisNet portal. The deadline for submitting tax returns and paying income tax for the tax year 2023 is on 31 July 2024. Why do you need to file IR1? All tax resident in Cyprus […]

What’s new in Cyprus in 2024?

We are highlighting 10 changes in laws and regulations that came into force this year or are expected soon.   1. Introduction of 15% Global Minimum Tax At the end 2022, the Council of the EU adopted the Directive ensuring a global minimum level of taxation -15%, for multinational enterprise groups and large-scale domestic groups. […]

Transfer Pricing rules in Cyprus

Transfer pricing is a very important and current topic in tax planning – effective as from January 2022 in Cyprus, with some amendments that have just been announced by the Tax Department. In brief, the concept of transfer pricing is directly connected to the application of the so called “arm’s length principle”. The term means […]

Tax treatment of rental income from online platforms (Airbnb, Booking etc.)

In Cyprus the real estate is booming. We observe a growing number of investments– especially in properties destined for rentals. When owning a rental property, it is crucial to know and understand the tax implications of rental income. The short-term rental market also experiences a significant increase. The Cyprus Tax Department recently clarified that the […]

Citizenship by naturalization for highly skilled professionals in Cyprus

On November 30th 2023, Cyprus Parliament approved important changes on the Article 111 of the Population Register Law of 2002 (141(I)/2002. The amendment allows highly skilled professionals to apply for Cypriot citizenship already after residing in Cyprus for a period of 3 to 4 years (depending on the knowledge of the Greek language).   The […]

CYPRUS PROVISIONAL TAX 2023 – final payment

Cyprus companies are required to apply a temporary tax assessment  of their 2023 chargeable income under the Cyprus Income Tax Law. We would like to remind about the upcoming deadline for submission of the 2nd declaration concerning provisional tax for the year 2023. The submission of return and payment of final instalment must be settled until the 31st […]

Register of Beneficial Owners – the final electronic system

The Department of the Registrar of Companies and Intellectual Property in Cyprus announced the start of the application of the final solution for the Register of Beneficial Owners from November 14, 2023. The final solution of the electronic system of the Register of Beneficial Beneficiaries is replacing the so-called “interim solution” that had been operating since March 12, […]

Increase in Social Insurance Contributions from January 2024

As per the Social Insurance Law in Cyprus, starting January 1st, 2024, both employer and employee will be required to contribute an additional 0.5% to the Social Insurance Fund. Therefore, contributions will increase from the current 8.3% to 8.8% on employees’ Insurable earnings. The rate will thereafter increase by 0,5% every five years, until it reaches 10,3%, as […]

Protect your brand

Registration of a trademark or a tradename is a key step to enforcing your brand’s rights. Protecting your brand is crucial to ensure its integrity and reputation. What is a trademark? A trademark is a distinctive symbol, logo, word, phrase, or any combination thereof that is legally registered and used by a business or individual to […]

Amendment to the Special Defence Contribution Law

Special Contribution for Defence (SDC) is dictated on income earned by Cyprus tax residents. On 9 June 2023, amendments to the Special Contribution for the Defence Law were published in the Cyprus Government Gazette amending the obligation to pay the SDC withheld on rents in two semi-annual installments instead of monthly payments. Every person who is obliged […]