Maximum annual tax deduction for life and private medical insurance premiums
The Cyprus parliament has recently approved an increase in the maximum annual tax deduction for life and private medical insurance premiums, contributions to social insurance and National Health System (NHS), pension and provident funds. The amount has changed from 1/6th to 1/5th of an individual’s taxable income. The above change came into effect on December 19th, 2019, when the relevant provisions were published in the official Cyprus Government Gazette. The amendment is applicable from the tax year 2019 onwards.
Government rate of interest for late payment of tax
The government rate of interest for late payment of tax is set at 1.75% for the year 2020.