Tax Alert #1/2024 – Changes in social insurance contribution rates
Changes in social insurance contribution rates and the maximum earnings threshold on which social insurance contributions are paid (from 01/01/2024) As of 01/01/2024, the social insurance contributions rates change as follows: For employees: 8.8% contribution by the employee and 8.8% contribution by the employer. For self-employed persons: 16.6% contribution. As...
Payments to Non-Cooperative Jurisdictions? Beware of potential tax implications.
The update As of 17 October 2023 the EU List of Non-Cooperative jurisdictions, the so called EU Blacklist, has been updated with 3 countries namely Antigua and Barbuda, Belize and Seychelles. At the same time 3 countries were removed from the list: British Virgin Islands, Costa...
Change in the application of the reduced VAT rate of 5% for the acquisition or construction of primary and permanent residences in Cyprus
On 16 June, a VAT Amendment Law was published in the official gazette of the Republic of Cyprus, which introduces changes to the conditions for the application of the reduced VAT rate of 5% for the acquisition or construction of a residence. The amending law states...
TAX DIARY – UPCOMING DEADLINES
31 December 2022 • Submission of a revised provisional tax return (if applicable) and payment of the 2nd installment of provision tax • Payment of Special Defence Contribution (SDC) and General Health System Contributions (GHS) on rents, dividends and interest received from abroad for the period July...
Register of beneficial owners
The Registrar of Companies and Official Recipient Department announced the launch of an electronic service where the details of the Real Beneficiaries of Companies and other legal entities will be submitted. The deadline for companies to submit this information is 6 months. Companies registered on...
Increase of Social Insurance Contributions and commencement of contributions for GeSy for 2019
Increase of Social Insurance contributions As per the Social Insurance Law, as of 1/1/2019, the contributions for Social Insurance will increase by 0.5% for both the employers and employees, i.e. from 7.8% to 8.3%, on the insurable remuneration of the employees. Commencement of contributions for GeSy As per...