Who is liable to pay Cyprian Income Tax?
A person who is a resident of Cyprus is assessable on worldwide income. A person who is a non-resident is only assessable on income accruing or arising from sources in Cyprus.
Who is a Tax Resident of Cyprus?
An individual who stays in Cyprus for a period or periods exceeding in aggregate 183 days in the year of assessment (1 January-31 December).
What is the tax year end?
31st December
When are tax returns due?
Tax returns are due for submission on 31 July following the year of income.
Is there a personal tax allowance?
Personal Tax allowance is 19,500 euros
What are the tax rates?
Net taxable income is taxed at a progressive rate ranging from 20 to 35 percent.
What are the social security rates?
Social Security rates are 8.3% for both the employee and the employer for the first five years effective 2019. Thereafter, the rate will increase by 0.5% every five years until it reaches 10,3% as from 1 January 2039.
Can I be self-employed, or must I become an employee to work in Cyprus?
You can be self-employed in Cyprus. Contact us for more details.