Tax Updates: Exemption from obligation to submit TD1 for individuals with income up to €19,500 for 2022. ServPRO - Your Trusted Tax Partner.
The 7th Greenfield FDI Performance Index for the year 2021 skyrockets the Republic of Cyprus by 50 places from the 68th to the 18th position for attracting foreign direct investments (FDI) in comparison to 2020. The rapid increase in FDI in Cyprus is a clear indicator of the country’s remarkable, reliable, and reputable measures taken to attract FDI investors as part of Cyprus’ Vision for 2035, which ultimately contributes to the constant improvement in Cyprus’ rates in employment, income, and by extent the level of the Cypriot socioeconomic environment.
Acting in accordance of the Minimum Limit of Salaries Law (Cap.183), Council of Ministers of the Republic of Cyprus has issued the Decree on Minimum Salary. The Decree will be implemented from 1 January 2023, which will therefrom lead to the abolishment of the equivalent Decree on Minimum Salary (Wage) of 2012 (RAA 180/2012).
Personal Income Tax returns (TD1) for the year 2021 has been extended to 23:59 hours on 31 August 2022. Employees, pensioners and self-employed individuals without financial statements, whose gross total income for the 2021 tax year exceeds €19,500 should proceed in submitting their respective Personal Income Tax returns (TD1) for the year 2021 and pay any final tax due.
ServPRO has successfully collaborated with The New York Times (TNYT) and the Brussel Research Group (BRG) in a feature exclusively dedicated to Cyprus, called Spotlight on Cyprus, which has distributed within the United States of America (USA) through TNYT. ServPRO’s Founder & CEO has been cordially invited by BRG and TNYT to an interview on Cyprus’ business ecosystem, as well as the role that ServPRO is undertaking for its overseas clients.
On 30 June 2022 the House of Representatives (Parliament) of the Republic of Cyprus has voted into law the transfer pricing (TP) requirements, through amendments to the Income Tax Law (L.118(I)/2002) and the Assessment and Collection of Taxes Law (L.4/1978), as amended.
ServPRO has participated in CODEWAY EXPO 2022, held between 18-20 May 2022 at Fiera Roma Exhibition Centre in Rome, Italy. CODEWAY EXPO being an international event on cooperation, development and sustainability, focuses on the strengthening business opportunities.
Updates on the Double Tax Treaties (DTT) between Cyprus and Jordan, Germany and Switzerland, respectively.