Increase of the limit for certain allowances for individuals from onesixth 1/6 to one-fifth 1/5
On 19 December 2019, an amending Income Tax Law (ITL) was published in the Official Gazette, providing for an increase to the annual limit for certain allowances which are deductible from an individual’s taxable income.
We wish to inform all our associates that in 2019 an increase in Social Insurance Fund (SIF) contributions will come in effect and that contributions for the implementation of the National Health Insurance System (NHIS) will commence.
Following a recent amendment to the Assessment and Collection of Taxes Law , the Cyprus Tax Authorities (CTA) has granted an extension of the deadline until the 31st October 2018 for electronic submission of income tax return, and payment of income tax for the tax year 2017, as follows:
