An easy-to-use guide providing a comprehensive summary of the Cyprus tax system, current legislation and tax practices, for the fiscal year 2023
EY Cyprus is pleased to share the latest Cyprus Tax Facts guide – in English – which provides a straight-forward, holistic summary of the Cyprus tax system, based on current legislation and tax practices, in relation to the fiscal year 2023.
This publication includes a brief overview of the tax laws effective as of January 2023, at a time when the pace of new tax legislation is accelerating. It is the outcome of hundreds of tax research hours, done with our clients in mind, and provides a comprehensive easy-to-use guide aiming to help you stay informed on local tax issues and legislation changes.
Major changes introduced in 2022 and covered in this year’s guide include:
The introduction of Cyprus’ Recovery and Resilience Plan,
Transfer Pricing rules in line with the OECD,
new green taxes,
a 120% R&D deduction for companies,
updates to the 20% and 50% personal income tax exemptions, and
Double Taxation Agreements.
Beyond 2022 further changes and more clarity are expected around the implementations of BEPS 2.0.
The electronic version of the Cyprus Tax Facts 2023 is also available on EY Cyprus website. The Greek version will be published on the website in the coming weeks.
The Tax Facts are intended to serve as a practical source of information and should not be regarded as offering a complete explanation of the tax matters covered, nor does it replace specific professional advice. Experts from our team remain at your disposal to provide you with professional, personalized advice based on our extensive experience and industry knowledge. Readers are advised to subscribe to our monthly TaxLegi Newsletter and Alerts for timely updates on key developments.
In the occasion of the release of the Tax Facts guide, Philippos Raptopoulos, Partner and Head of Tax and Legal Services at EY Cyprus, said: “Tax codes, both globally and in Cyprus are being reformed at an unprecedented pace, affecting both companies and individuals and creating an increased risk that taxpayers will be caught unprepared. EY Cyprus’ Tax Facts, based on our teams’ extensive expertise and global experience, allows you to remain up-to-date and take informed decisions on tax issues in this shifting landscape.”