General Healthcare System and Social Insurance contributions in Cyprus for the year 2021 will remain the same as in 2020. Cyprus 2021 Social Insurance Contributions: Please note that the Social cohesion fund is calculated on total remunerations and has no…
As of 11 January, Cyprus will revert to the normal 9% VAT rate (instead of the reduced 5%) for passenger transport, restaurants, hotel accommodation, and catering services. The reduced 5% vat rate period expired on 10 January 2021 after being…
For Companies (Summary) The government on 9/2/2021 announced additional support schemes for businesses and the self-employed affected by the latest measures. The support plans include grants, payroll subsidies, loan repayment suspension, rent holidays and tax breaks. The direct assistance to…
The dates listed below are Public Holidays in Cyprus. On these dates, all public services, private companies, banks, and shops are closed, although many shops and certain services remain open in some areas, mainly coastal areas, busy shopping streets, and…
The Cyprus Ministry of Labour announced the plans for the December period after the recent peak in coronavirus cases, promising to further support companies and employees during 2021. The plans mainly aim to support the Tourism Industry, businesses, employees, and…
The exemption aims to maintain the appeal of Cyprus as a country and to attract employees by creating real infrastructure for businesses and help to establish new investments. The Income Tax Law has been amended in December 2020, to extend…
Cyprus tax resident companies have the obligation to declare at least 70% of their accounting profits of 2018 by the 31st of December 2020. The resulting 17% special contribution for defence and 2.65% National Health Contribution (GESY) must be paid…
The plans mainly aim to support the Tourism Industry, businesses, employees, and the related/associated companies that are affected by the sharp decline of tourist arrivals, and the new restrictions in movement and business operations. The below plans concern the period…
Temporary Tax 2020 Companies that expect to have taxable income for 2020 must pay the second instalment of the temporary tax by 31st of December 2020. The temporary tax is paid only using the JCCSMART website. The tax is calculated…
Cyprus will introduce two new corporate tax measures in order to fight ‘Aggressive Tax Planning’ (ATP) in a move to emphasize its commitment and willingness to support the relevant European Commission’s initiatives and be harmonized with several related guidelines and…
The Ministry of Finance announced a subsidy scheme for Businesses and employers that are under mandatory full suspension in accordance with the relevant Decrees of the Minister of Health. The payment of the one-time subsidy will not require the submission…
Cyprus | These plans were designed due to the continuous increase in the number of pandemic cases and the need to extend support to affected workers and businesses, as well as to the unemployed who have exhausted their unemployment benefits….
Important Update: The Cyprus Parliament passed on the 30th of October 2020 a law, following suggestions also provided by the Institute of Certified Public Accountants of Cyprus (ICPAC), which allows the payment of VAT that had been suspended due to…
The plans mainly aim to support the Tourism Industry and the related/associated companies that are affected by the sharp decline of tourist arrivals and other affected industries, for the 2020 season. The last date for applications for participation in the…
The deadline for submitting an electronic form for the Individual Income Tax Return for 2019 by employees and pensioners whose gross income exceeds € 19.500, as well as the payment of the final tax (self-assessment) for 2019, is extended until…
Updated 23/10/2020 Cyprus | On 7/10/2020 the Council of Ministers approved proposals of the Minister of Labour, Welfare, and Social Insurance for the immediate implementation of Employment Support Plans, totaling 31 million euros. The programs are: 17 million euros for…
These plans are aimed to support mainly the Tourism industry and the related/associated companies that are affected by the sharp decline of tourist arrivals and other affected industries, for the 2020 season. The last date for applications for participation in…
The Tax Department announced that the Individual Income Tax Return for the tax year 2019 is available for submission through the TaxisNet system. Necessary condition: For the submission of the above Declaration the electronic registration in the TaxisNet system is…
A bill amending the Assessment and Collection of Taxes Law was passed on the 31st of July and was published in the Cyprus Government Gazette on the 20th of August. The following amendments, as described in Circular 46 issued by…
Various Amendments to the VAT law On 20 August 2020, the Cyprus Parliament passed the below amendments to the VAT law which officially came into force immediately after its publication in the Official Gazette of the Republic. A new definition…