The Commissioner of Taxation has released Form T.D.59, titled “Claim for Allowances,” for the tax year 2024.
All employers are obligated to provide Form T.D.59 to their employees, who are required to promptly complete and return the signed form to their respective employer(s). Tax-resident employees should accurately fill out and declare their global income and claimed deductions on this form. Non-tax-resident employees, on the other hand, are only required to disclose their Cyprus-sourced income along with any pertinent personal deductions related to that income.
Employers must maintain the signed Forms T.D.59 in their records, as these may be requested by the Commissioner of Taxation at a later date.
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