Cyprus Tax Updates: Personal Income Tax Return Exemption
The Council of Ministers of the Republic of Cyprus, through Regulatory Administrative Act RAA 373/2022, has issued a Decree relating to the exemption of certain physical persons from the obligation to submit a Tax Declaration (TD1) for the year 2022. In particular, every physical person who, during 2022, has had a gross income of not exceeding €19,500 is exempt from the obligation to submit a Personal Income Tax Return for the year 2022.
The above Decree is subsequent to an earlier legislative amendment to the Assessment and Collection of Taxes Law (L.4/1978) enacted in 2020, based on which all individuals were obligated to submit a Personal Income Tax Return irrespective of whether their gross income exceeded the threshold of €19,500 per annum – an obligation imposed with effect from 2020. At that time, the said legislative amendment was enacted subject to the power of the Council of Ministers to issue a decree providing for such an exemption.
Read more about Personal Income Tax
ServPRO: Your trusted tax partner
Our Tax Department has been thriving for over a decade, with our clients seeking our professionals’ advice and assistance in all aspects relating to taxation for corporates as well as individuals, in line with the latest local and international tax developments.
Our clients entrust us with the structuring of their operations in a way that incorporates the applicable tax incentives and ensures their compliance with any and all of their tax obligations and filing of their tax returns. The exceptional quality of our tax professionals is the reason why our clients select us to be their entrusted tax partners.
Contact us today for an initial, complimentary consultation.
