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 […]
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 […]
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 […]
Extension to the filing date of Income Tax Return (IR1 2022)
We would like to inform you that the deadline for the submission of the 2022 Personal Income Tax Return (T.D. 1 Form) in Cyprus has been extended until 2 October 2023, as per the decree (No.183/2023) issued on 9 June 2023. The extension also applies to the payment of the related income tax due via self-assessment. […]
Tax avoidance vs. tax evasion
The difference between those two is crucial. While tax avoidance is legal, tax evasion is not. It is understandable that the local governments try to fight with both, however very often it is a long-term and complicated process. In the meantime, the taxpayers might enjoy their attempts to pay less taxes. Let’s look at both […]
