Law Voted by ParlianmentLaw Voted by Parlianmenteyam 2013-04-22T13:35:40+00:00
TAXABLE INCOME Up to 19,500 0% From 19,501-28,000 20% From 28,001-36,300 25% Over 36,300 30% Calculation of taxable income of 2010 SALARY Exemption (20% of salary or less than € 8,550) 38,000 Total Income -7,600 Minus: Deductions; Donations 30,400 Net Revenue -300 Minus: Personal allowances 30,100 (Limited to 1 / 6 of the net income [...]
The company’s tax return is submitted without any audited accounts. Nevertheless, these accounts must be kept for submission when requested by the Inland Revenue Department (IRD). The declaration must be completed so that the information requested reflect the audited accounts that have been prepared. The deadline for submission of the declaration for the tax year [...]
The House of Representatives passed amendments to various tax laws in order to combat tax evasion and tax avoidance. The amendment laws were published in the Official Gazette of the Republic of Cyprus, on December 31st, 2010, and will apply from July 1st, 2011. The principal changes in the legislation are analysed below. ➤ Income [...]
Every taxpayer has the obligation to submit the Income Tax Return for the year 2010, until April 30, 2011, except in the case of audited accounts, in which case the submission is extended until December 31st, 2011. Individuals who have income from paid employment which exceeds the tax free amount (for 2010 is € 19,500) [...]
There were several companies that appealed to the Supreme Court after the decision of the VAT Commissioner for shortening their fiscal period from three months to one month, starting September 1st, 2009. This decision of the Commissioner has been imposed in more than eighty companies, which during 2008 had VAT tax payable to the State, [...]
The international business and tax field has changed a lot recently and the pace of change seems to accelerate. Additionally, the global economic recession and the consequent impact on profits, increases the pressure on taxpayers who bear the responsibility more than ever. Corporate risk and taxation have climbed up to the top of the list [...]
The tax is levied and collected on the taxable income of each individual which is acquired during each fiscal year. The tax year is the year of twelve months ending December 31st of each year. Tax residence of individuals Under the legislation, all individuals are separated as Tax residents and Non-Tax residents. The Cyprus Tax [...]
According to Article 9 of the Income Tax Act, in order to find the taxable income of each person, all expenses that this person wholly and exclusively undertook for the acquisition of the taxable income, will be deducted. Two issues that require special attention are (i) whether all interest paid by a company on borrowings [...]
The wide network of agreements to avoid double taxation is one of the advantages of Cyprus. At present, Cyprus applies 38 agreements covering more than 40 countries. Negotiations with EU Member States Cyprus is an EU Member State since 2004, but still has not signed contracts with all Member States. Negotiations with Spain, Latvia, Lithuania, [...]
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