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Cyprus Tax Highlights 2024

Cyprus Tax Highlights 2024 Principal business entities: These are the public and private limited liability company, partnership and branch of a foreign corporation Tax year: 1 January till 31 December (calendar year) Accounting principles / financial statements: Financial statements must be prepared annually in compliance with the IAS/IFRS Individual taxation Chargeable income Tax rate Accumulated tax € % € 0 – 19.500 Nil Nil 19.501 - 28.000 20 1.700 28.001 - 36.300 25 3.775 36.301 – 60.000 30 10.885 over 60.000 35 Capital gains tax rate 0% / 20% Cyprus tax residents are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. Non-tax residents are only taxed on their income accrued or derived from sources in Cyprus. Certain types of income are subject to…