articles about Taxation in Cyprus

Income Tax for Individuals

Where an individual is a resident in the Republic, tax is imposed on income accruing or arising from sources both within and outside the Republic. Where an individual is not a resident in the Republic, tax is imposed on income accruing or arising only from sources within the Republic.Resident in the Republic is an individual who is present in the Republic for a period exceeding 183 days in a tax year.For the purpose of calculating the days of residence in the Republic: • the day of departure from the Republic is considered to be a day out of the Republic• the day of arrival into the... Read More

Corporation Tax for Cyprus based companies

Where a company is resident in the Republic, tax is imposed on income accruing or arising both from sources in and outside the Republic.Where a company is not a resident in the Republic, tax is imposed on income accruing or arising only from sources in the Republic.Resident in the Republic is a company that is managed and controlled in the Republic. Corporate income tax rate is currently at 10% Exemptions, deductions and special allowances apply. For detailed Cyprus Tax Facts 2012 produced by Deloitte please click here. Source: Deloitte, Cyprus Tax Facts 2012... Read More

Value Added Tax (VAT)

Value Added Tax is imposed on the supply of all goods and services in Cyprus, on the acquisition of goods from other Member States and on the importation of goods from third countries. RatesStandard rate applicable as from 1/3/2012 - 17%Reduced rate (until 29/2/2012) 8%Reduced rate 5%Zero rate 0% Standard rateThe standard rate applies to the provision of all goods and services in Cyprus which are not subject to the zero rate, the reduced rate or are not exempt. Reduced rate 8%The reduced rate of 8% applies to:• All restaurant and catering services (including the supply of alcoholic dri... Read More

Capital Gains Tax

Capital Gains Tax is imposed on gains from disposal of immovable property situated in the Republic including shares of companies not listed on a recognised Stock Exchange which own immovable property situated in the Republic, at the rate of 20%.In computing the capital gain the value of the immovable property as at 1 January 1980 (or cost if the date of acquisition is later), the cost of any additions after 1 January 1980 or the date of acquisition if later, any expenditure incurred for the production of the gain and the indexation allowance, are deducted from the sale proceeds. The following... Read More

Immovable Property Tax

Immovable property tax is imposed on the market value of immovable property as at 1 January 1980 and is calculated on the immovable property owned by the taxpayer on 1 January of each year. Rates Value of CumulativeProperty &nb... Read More

Transfer Fees for Immovable Property

Transfer Fees are paid on transfers of immovable property and are calculated on the market value of the property as estimated by the Land Registry department. CumulativeMarket Value Percentage Fees Fees € % &n... Read More