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 […]
50% Expatriate Relief on Employment Income in Cyprus – new tax incentive law now published
The amending income tax law of Article 8(23A) was published on 30 June 2023 and has a retrospective effect as from 1 January 2022. As from 1st January 2022, according to Section 8(23A) of the Cypriot Income Tax (“ILT”), 50% of the gross remuneration from first (1st) employment* exercised in Cyprus, is exempt from personal income tax. This applies […]
