News for Individual Tax

TD1 2022 Extension

Extension of the deadline for submitting the Individual Income Statement for the Tax Year 2022 The Tax Department informs that, based on the Decree of the Council of Ministers dated June 9, 2023 (KDP 183/2023), the submission of the Individual Income Statement for the year 2022 is extended until 2 October 2023.

Summary of Cyprus Income Tax Law Amendments Effective 26 July 2022

Discusses the introduction and details of Articles 8 (21A) and 8 (23A) in Cyprus, which provide significant tax exemptions for foreign individuals starting employment in Cyprus from January 2022

60 Day Rule

In 2017 Cyprus presented new regulation suggesting the opportunity of “zero tax circumstances” for non-domicile residents, who reside in Cyprus only for 60 days annually. 

Government Authorities of Cyprus made an adjustment to the clarification of “Cyprus Tax Resident Individual”, as indicated in the Income Tax Law 118 (I)/2002. The amendment became applicable on the 1st of January 2017.

Non-Dom Regime

In July 2015, the Ministers of Council passed a number of radical new laws aiming mainly to attract foreign investments and high-net-worth foreign individuals whilst at the same time to simplify Cyprus’ tax system. The amendments introduced are of utmost significance since the introduction of the current tax regime and are fully aligned with the international and EU tax and transparency requirements.

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