Posted on

Social Insurance and National Health Insurance System Alert

Please see below several changes in respect to the Social Insurance contributions and the National Health Insurance System (NHIS) which are effective in 2020.   Social Insurance Rates 2020 The maximum amount of insurable earnings has increased from previous year to €1.055 per week, €4.572 per month and €54.864 per annum. Contributions to the Social

Posted on

Increase of the Limit for certain Allowances for Individuals from 1/6 to 1/5

On 19 December 2019, an amending Income Tax Law (ITL) was published in the Official Gazette, providing for an increase to the annual limit for certain allowances which are deductible from an individual’s taxable income. The limit of the allowances provided for in Article 14 of the ITL is increased from one-six 1/6th to one-fifth

Posted on

TAX NEWS

20-07-2017 An amendment to the term ‘Cyprus Tax Resident Individual’ as per the Income Tax was voted into law on 14 July 2017 by the House of Representatives, effective as of 1 January 2017. As of 1 January 2017, an individual in order to be considered as a ‘Cyprus tax resident’ must meet the following

Posted on

VAT obligations Updates

28-04-2017 The Supreme Court has ruled that Directors bear personal criminal liability for their companies’ failure to comply with the VAT law.  The Court has emphasized that breach of VAT obligations does not create criminal liability solely for the company being a VAT registered person but also criminal liability for its Directors acting as Officers

Posted on

Tax Updates

8-03-2017 Recently, the Department of Taxation (Cyprus) (DOT) has announced its intention to terminate the application of the pre-agreed minimum profit margins of 0.125% – 0.35% on qualifying intra-group back to back financing agreements effective from 1 July 2017. Accordingly to the above date onwards, the above profit margins on intra-group back to back loan