Prepare your business’ budget for 2024: Increase in Social Insurance contributions (Cyprus)
In preparing your Cypriot business’ budget for 2024, account needs to be taken for increases in Social Insurance contributions effective 1 January 2024.
In particular, the contributions rate will increase from the current 8.3% to 8.8% and will remain at that rate until year-end 2028. From the year 2028 onwards, the rate will continue to increase by 0.5% every five years until it reaches 10.3% on 1 January 2039.
To summarise the social insurance contribution changes over the next few years:
|Year periods||Employee contributions||Employer contributions|
|2019 – 2023||8.3%||8.3%|
|2024 – 2028||8.8%||8.8%|
|2029 – 2033||9.3%||9.3%|
|2034 – 2038||9.8%||9.8%|
ServPRO: Your Trusted Accountants
The services provided by our Accounting & Finance Department are in full compliance with the provisions of the Cyprus Companies Act as well as the applicable Income Tax legislation and are in accordance with the International Financial Reporting Standards (IFRS) and EU Directives.
Our Accounting & Finance services include:
- Payroll services and administration of Social Insurance, PAYE and other contributions on behalf of the Company
- Outsourcing of Chief Financial Officer (CFO), accounting and finance services
- Maintenance of accounting books and records in accordance with the IFRS and EU and local legislation
- Preparation of monthly and periodic Management Accounts and other financial reports
- Preparation of cash flows, budgeting and forecasting
- Preparation of Financial Statements in accordance with IFRS
- Preparation and submission of VAT returns and VIES
- Provision of advice and recommendations in accordance with the accounting standards, legislation and best practices
For more information on this topic contact us by telephone (+35722021100) or via email ([email protected]).