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New income tax exemptions to attract foreign talent

New income tax exemptions to attract foreign talent

Cyprus has introduced new rules for income tax exemptions on employment income to attract foreign talent. Income Tax Law (Amendment) (No. 6) of 2022 was published in the official Gazette on 26 July 2022 amending Articles 8 par 21 (the “Specific Exemption”) and Article...

Provisional Tax Instalments 2022

Provisional Tax Instalments 2022

All companies and self-employed persons should submit a temporary tax declaration and make two provisional tax instalments during the year of assessment. Reporting deadlines The dates of submission and payment of the provisional and final tax for tax year 2022 are as...

Release of Revised Standard for Group Audits (ISA600 -revised)

Release of Revised Standard for Group Audits (ISA600 -revised)

1. Introduction and effective date On 7th April 2022, IAASB released International Standard 600 (Revised), Special considerations- Audit of Group financial statements (including using the work of component auditors, effective for audits of group financial statements...

Cyprus Digital Nomads Visa Scheme

Cyprus Digital Nomads Visa Scheme

On 15 October 2021, the Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus with a ceiling of 100 residence permits, targeting to attract businesses and talent from abroad. On 3rd March 2022, the Council of Ministers increased the...

Notional Interest Deduction

Notional Interest Deduction

Cyprus Income Tax law has a new tax deduction applicable as from 1.1.2015 under the description Notional Interest Deduction (the "NID") on new capital (the "NC"). The NID is calculated on the amount of new capital introduced in the entity on or after 1.1.2015, by...