What is the tax rate in Cyprus?
2020 income tax rates
| Taxable income band EUR | National income tax rates |
|---|---|
| 0 to 19,500 | 0% |
| 19,501 to 28,000 | 20% |
| 28,001 to 36,300 | 25% |
| 36,301 to 60,000 | 30% |
How are interest income taxed Cyprus?
Interest received by companies in the ordinary course of their business, including interest closely connected to the ordinary course of business, is also considered as ‘active’ interest income and is only taxed under CIT (after deducting allowable expenses) at the standard CIT rate of 12.5%.
What is tax deductible Cyprus?
Also deductible for PIT purposes, subject to an overall maximum deduction of 1/5 of the chargeable income, are the total of life insurance premiums (the deductible annual life insurance premium is restricted to 7% of the insured amount), employee contributions to the social insurance fund, individual pension, provident …
Is Cyprus a low tax haven?
Cyprus as a Tax Haven Cyprus lost tax haven status when the OECD gave the country the same rating as the U.S., Germany, and the U.K. Cyprus’s increase in corporate tax rates to 12.5% was part of the reason it is no longer considered a tax haven.
Is Cyprus Good for taxes?
How do I become a tax resident in Cyprus?
To become a Cyprus tax resident on the basis of the “60-day rule” the individual must meet all of the following conditions:
- Remain in Cyprus for at least 60 days during the tax year in question; and.
- Do not reside in any other single state for a period exceeding 183 days; and.
- Is not tax resident in any other state; and.
How much can you earn in Cyprus before paying tax?
Personal Tax rates.
| Taxable Income | Rate | Amount |
|---|---|---|
| Taxable Income up to €19.500 | Rate zero | Amount zero |
| Taxable Income €19.501 – €28.000 | Rate 20% | Amount €1.700 |
| Taxable Income €28.001 – €36.300 | Rate 25% | Amount €2.075 |
| Taxable Income €36.301 – €60.000 | Rate 30% | Amount €7.110 |