There is no need to be involved in business; personal tax advice is a must.

Our personal tax experts work closely with you in order to understand your needs and advice you accordingly.

Income tax rates for 2008

Taxable Income (€)	Tax Rate (%)
Up to 19.500	Nil
19.501 - 28.000	20
28.001 - 36.300	25
Over 36.301	30

Residence Individual tax resident of Cyprus is an individual who stays in the Republic for 183 days in the year of assessment. Cyprus tax residents are taxed on income earned both in Cyprus and abroad. Individuals, who are not tax residents, will be taxed only on income earned in Cyprus.

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As all businesses are different, our corporate tax specialist team has the technical expertise and know-how to provide corporate tax services for every business at every business stage life.In connection with the company’s audit, we careful plan and examine the business activities ending with significantly reducing the corporation tax liability. We ensure that no overpaying Corporation tax to the authorities is happening.

All companies are subject to a uniform tax rate of 10%, which is the lowest corporate tax rate in the European Union.

Residence A company is taxed if it is a resident in Cyprus. A company is resident if its management and control is in Cyprus. A non-Cyprus tax resident is taxed only on income earned through a permanent establishment in Cyprus.

Tax deductible expenses As a general rule, all expenses incurred wholly and exclusively in earning the income of the company are deductible but there are certain restrictions.

Filing Requirements and Payment of Tax Company tax returns must be filed in respect of each fiscal (calendar) year by 31 December in the year following the fiscal year. Corporation tax payments have to be made on 1 August, 30 September and 31 December of the year of assessment.

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