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TAX DECLARATION FILING BEGINS IN CYPRUS

TAX DECLARATION FILING BEGINS IN CYPRUS

TAX DECLARATION FILING BEGINS IN CYPRUS

The commencement of the personal income tax declaration process for 2023 has initiated via the user-friendly online portal, TaxisNet, facilitating taxpayers in Cyprus. The deadline for this essential task, along with the payment of owed taxes, is set for July 26, 2024, allowing individuals ample time to ensure compliance with tax regulations and requirements.

In adherence to the recent decree passed by the Council of Ministers, the mandate for submitting personal income tax declarations for the fiscal year 2023 extends to various categories of earners. This includes employees, retirees, and self-employed individuals whose annual income surpasses the threshold of 19,500 euros, as outlined in the decree.

For those navigating the process, valuable resources and guidance for completing and filing the declaration accurately are readily accessible on the official website of the tax authority. This ensures that taxpayers have the necessary information and support to fulfill their obligations effectively.

Tax Rates in Cyprus 2024

As of 2024, Cyprus maintains a progressive tax system, with varying rates depending on the income bracket. For individuals, the tax rates range from 0% to 35%, with higher-income earners subjected to higher rates. Moreover, dividends, interest, and rental income are also subject to taxation at specific rates, contributing to the overall revenue collection of the government.

Types of Taxpayers in Cyprus 2024

In Cyprus, taxpayers are categorized into distinct groups based on their source of income and employment status. This includes employees, who earn income through employment, pensioners receiving retirement benefits, and individual entrepreneurs engaged in self-employment activities. Each category may have different tax obligations and allowances, reflecting the diverse nature of the country’s workforce and economic activities.

This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication. This article is for informational purposes only. For further advice, please contact us at the contactslisted on the site.

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