As part of the overall exertion to improve Cyprus’ attractiveness as an international business and financial center, and in order to remain highly compliant as a traditional jurisdiction, the House of Representatives on 16 July 2015 passed a number of new laws. One of the changes, introduced the new status of a “non-domicile” (non-dom) individual,
Amendment to The Special Contribution law from 01/01/2014. The Special Contribution law which levies a special tax on the salaries of employees in the private sector has been amended as follows to 31/12/2016. In addition, from 1 January 2014, the relevant bands of the special contribution change as follows: Monthly Salary or Pension %
SOCIAL INSURANCE INCREASES BY 1% from 01/01/2014 As from 01/01/2014 employers and employees should contribute 1% extra per side. Self –employed should contribute 2% more. For employers the changes are as follows: 7,8% will be from the employee, 7,8% from the employer and 4,6% from the Total Contribution of the Republic, beginning
This bulletin is to remind of the following deadlines for December 2013: Revision of Provisional Tax Assessment for year 2013, if needed (I.R. 5). 31 December Payment of the second installment of provisional tax for year 2013 (I.R. 5). 31 December Payment of Special Defence Contribution in relation to rent received from physical
A reminder for the provisions of the Special Contribution for the Defence (“SDC”) Law with respect to accounting profits being subject to the deemed distribution provisions. These provisions apply in cases where a company with Cyprus tax resident shareholders has not distributed at least 70% of the accounting profits earned for a specific year. Please feel
Some additional information about the Temporary Tax system can be found below: Temporary tax installments have been amended from 3 to 2 installments in 2013. As per the Director of Inland Revenue and revised tax law for 2013: Taxpayers must submit a temporary tax return (IR6 form) prior to 31st of July each year
From 13 January 2014 the standard VAT rate will increase again to 19%, at which point the 8% reduced rate also rises to 9%. The current reduced rates of 5% and 0% remain unchanged. New value added tax (VAT) rates will be effective in 2014. The “standard” VAT rate then increases from 18% to 19%
