How is the pension calculated in Cyprus? All you need to know to estimate your pension on retirement. One of the most common queries we receive from Cyprus taxpayers, who contribute to the social insurance fund, is to explain the process on how their retirement pension will be calculated based on their social insurance contributions. The statutory pension to be received on [...]
Cyprus Income Tax Calculator Simple - Quick - Easy Easy to use and accurate income tax calculator to quickly estimate your Income Tax, Social Insurance and GESY contributions. Our income tax calculator quickly calculates your net salary, income tax, social insurances and GHS (GESY) contribution per year. It is so simple, you only need to enter your monthly/annual gross salary, specify the tax year [...]
Cyprus Tax Calendar 2021 Add to Outlook or view online Tax payers are sometimes unaware or not sufficiently prepared to meet their tax deadlines, including submissions/declarations or payments to the tax department. Tax payers can use our handy tax calendar to be informed and plan ahead to meet their upcoming tax deadlines. View our Tax Calendar online or add it to your [...]
Easily calculate your Cyprus Dividend Taxes Using our Dividend Tax calculator Our dividend tax calculator quickly calculates the defence and GHS (GESY) contribution. Moreover, our calculator takes into account your tax residency, country of domicile and other GHS contributions to correctly calculate your dividend taxes. It is so simple, you only need to enter your gross dividends, select the dividend distribution period and the rest is done automatically. Click to Access Our calculator [...]
Download our Quarter 3 2020 – Tax UpdateThis version of our tax update covers the following areas: Upcoming tax deadlines and how we can assist you 1st provisional tax payment for 2020 Employers return for 2019 Final self assessment for 2019 List of resources and calculators to assist with your daily business and tax requirement
2nd Self Assessment 2019 Temporary Tax Assessments Taxpayers must submit their temporary tax return before the 31st of July of each year based on their estimated current year’s taxable income and pay the corresponding temporary tax. The temporary tax payments must be made on the estimated current year profit in two equal installments, on 31st July and 31st December. The estimated taxable income declared under self assessments can be revised (upwards/downwards) any time prior to 31st of [...]
The Tax Department (“TD”) has published an Informative Guide which explains the tax treatment of certain benefits offered by employers to employees and persons who hold or are deemed to hold an office. The Informative Guide provides clear guidelines as to the proper valuation of the benefits in kind, for the purpose of consistency, clarity and uniformity, clearing any ambiguities. In addition, the TD issued Circular 32 and Circular 37 both of which provide additional [...]
The most common question when it comes to the decision to incorporate your business is "What will be my tax saving?". Our incorporation calculator aims to provide a quick answer to what will be your tax saving from from incorporating your business. However, the decision to incorporate your business should take into account other benefits in addition to tax savings. Incorporating a business offers a range of benefits including protections of the owners [...]
31 January is the deadline for all companies to calculate and pay their deemed divided distribution and special defence contributions, respectively. Use our calculator to estimate your DDD and the respective SDC. Using our Deemed Dividend Distribution calculator Use our deemed dividend distribution calculator to estimate your special defence contributions due from your deemed dividend distribution. Click to Access Our calculator Resources Additional information on social insurances and other [...]
As of 1 January 2019, the employer and employee social insurance contribution rates have both increase by 0.5% - i.e. from 7.8% to 8.3%. Social Insurance and other funds rates Employer Employee Self-employed % % % Social Insurance Fund 8,3 8,3 15,6 Redundancy Fund 1,2 - - Industrial Training Fund 0,5 - - Social Cohesion Fund 2,0 - - Central Holiday Fund (can ask for exception) 8% - - Contributions to the [...]
