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Stamp Duty on Employment Agreement
In Cyprus, stamp duty is also imposed on certain legal documents, including employment agreements. The stamp duty rate for an employment agreement is currently €17.08 per each €1,000 of the total annual salary stated in the agreement.
For example, if an employee’s annual salary is €50,000, the stamp duty on the employment agreement would be €854 (17.08*50).
The stamp duty on the employment agreement must be paid by the employer, and it is typically paid at the time the agreement is signed.
It’s worth mentioning that there are some exemptions that may apply for the stamp duty on the employment agreement. For example, if the employee is a foreign national and the employment agreement is for a period not exceeding 3 months, the employer is not required to pay stamp duty.