Our revamped newsletter with a sleek new look.

A curated blend of the latest accounting, tax, and audit updates, alongside industry news and essential insights, ensuring you stay ahead in the business game.

The House of Representatives has recently approved amendments to the Income Tax Law, providing accelerated capital allowances as an incentive for companies and sole traders that incurred capital expenditure to improve their energy efficiency and reduce their operational costs.

According to the applicable tax law in Cyprus, companies and self-employed individuals that estimate taxable income for the year 2024, should submit a temporary tax assessment by the end of July 2024.

The purpose of the temporary tax assessment is to estimate the taxable profit for the year and to calculate the resulting corporation/income tax, as well as the General Health Scheme contributions, which are payable in two equal instalments.

The Cyprus Tax Department, via Circular, has recently clarified the tax treatment of premiums paid on medical insurance schemes by individuals as well as by employers on behalf of their staff.

The deadline for submission of the personal tax return as per below, together with the payment of the resulting income tax, has been extended up to 31 October 2024.

Our team of experts can assist you.

From the tax year 2022 onwards, all taxpayers that engage in transactions with related parties, have to submit a Summary Information Table (SIT).

The SIT includes details of the related party transactions, including legal names, tax residencies, tax numbers, the values of the transactions and more.

The deadline for the submission of the SIT for the year 2022 has been extended up to 30 November 2024.

The Cyprus Tax Department has announced that the below mentioned deadline has been extended up to 31 July 2024, without the imposition of any penalties.