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 […]

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 […]

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 […]

Personal Tax Return 2022 – TaxisNet portal is now open

The submission of the income tax returns for individuals in Cyprus (form IR1) for the year 2022 is now available via TaxisNet portal. We would like to remind you that the deadline for the submission of the 2022 Personal tax return has been extended until 2 October 2023, as per the decree (No.183/2023) issued on 9 […]

CYPRUS: PROVISIONAL TAX 2023

Cyprus companies are required to apply a temporary tax assessment / calculation of their 2023 chargeable income under the Cyprus Income Tax Law. The temporary tax assessment/estimation is due in two equal instalments on or before following dates: 31st of July 2023, 31st of December 2023. If provisional tax payments were made based on an incorrectly calculated […]