Amendment of ITL sets new tax exemptions for employment income
New income tax exemptions for employment income were introduced on July 26th, 2022, amending Articles 8(21) and 8(23) of the ITL (Income Tax Law). Article 8(21) Prior to July 26th, 2022, according to Article 8(21) of the ITL, 20% of the remuneration or €8,550...
New TP Rules
The Cyprus parliament on June 30th,2022 transposed the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations into the Cypriot Income Tax Law of 2002. The new TP law allocates income to related companies and permanent establishments and...
3% SDC TAX ALLOWANCE
Nicosia, June 30th, 2022, An amendment voted by The House of Representatives, effective as of 8 June 2022, the date of its publication in the Official Gazette of the Republic is reducing the Special Contribution for the Defence (“SDC”) rate to 3% for natural or legal...
CYPRUS-JORDAN DTT
On 17 December 2021 Cyprus and the Hashemite Kingdom of Jordan signed a Double Tax treaty for the avoidance of double taxation, published in the Official Gazette of the Republic on 31 December 2021. The Double Tax treaty secures the standards of the Base Erosion...