On 12 February 2025, the Cyprus Tax Department issued an official announcement extending the deadline for submitting the Annual Income Tax Return (Form TD4) and the Summary Information Table (SIT) for the 2022 tax year. While the official deadline remains 28 February 2025, the Tax Commissioner has granted a grace period during which no penalties […]
On 25 October 2024, the Cyprus Tax Department (“CTD”) announced that the Council of Ministers, during its meeting on 24 October 2024, approved an extension for submitting the 2022 and 2023 Income Tax Returns (ITR). According to the announcement, the deadlines for submitting the ITR will be extended as follows: This extension specifically applies to […]
The Cyprus Tax Department (CTD) has released the interest yields of 10-year government bonds for various countries, as of 31 December 2023. These yields, increased by 5%, serve as the “reference rate” for granting tax allowances on new capital in accordance with Article 9B of the Income Tax Law N.118(I)/2002, as amended. To provide context, […]
On 1 February 2024, the Cyprus Tax Department (“CTD”) issued a letter revising the thresholds for preparing a Local File for the tax year 2022. These changes aim to streamline compliance requirements and reflect the evolving needs of stakeholders. Current Requirements Under the Income Tax Law of 2002, as amended, Cypriot tax-resident persons and Permanent […]
Following the publication in the Government Gazette on 20 December 2023, Law N.157(I)/2023 introduced a significant reduction in the Special Defence Contribution (SDC) rate on interest income. Effective from 1 January 2024, the SDC rate on interest received or credited by individuals and companies resident in the Republic has been reduced from 30% to 17%. […]
On October 23, 2023, the updated list of non-cooperative tax jurisdictions was officially published in the Official Journal of the European Union. This revision follows a decision by the Economic and Financial Affairs Council (ECOFIN) on October 17, 2023, which adopted conclusions regarding the EU’s list of non-cooperative jurisdictions (Annex I) and assessed the progress […]
On February 10, 2023, the Cyprus Tax Department published a set of frequently asked questions (FAQs) to clarify some of the key provisions of Articles 33 and 33C of the Income Tax Law, which govern the transfer pricing rules effective from January 1, 2022. These FAQs aim to provide businesses with clearer guidance on how […]
On February 21, 2023, the updated list of non-cooperative jurisdictions for tax purposes came into effect following its publication in the Official Journal of the European Union. This revision followed the adoption of conclusions by the Economic and Financial Affairs Council (ECOFIN) on February 14, 2023. The ECOFIN Council addressed both the EU list of […]
The Cyprus Tax Department (CTD) has released the interest yields of 10-year government bonds for various countries, as of 31 December 2022. These yields, increased by 5%, serve as the “reference rate” for granting tax allowances on new capital in accordance with Article 9B of the Income Tax Law N.118(I)/2002, as amended. To provide context, […]
The long-awaited tax incentives for individuals in relation to first employment in Cyprus were officially published in the Official Gazette of the Republic of Cyprus on 26 July 2022. These new provisions, introduced into the income tax legislation, form part of the Cyprus Government’s broader strategy to attract businesses and skilled professionals from abroad, making […]
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