The Income Tax (Amending) Law 6/2019 which amended the basic Income Tax Law, was published in the Official Gazette of Cyprus on 19.12.2019. The amending Law provides for an increase to the annual limit for certain life insurance premiums and contributions to welfare or other funds which are deductible from an individual’s taxable income.
The limit of the allowances provided for in Article 14 of the Income Tax Law is increased from one-sixth (1/6th) to one-fifth (1/5th) of an individual’s taxable income before such allowances.
Αs there is no explicit mention of when the new regulation will apply, it is expected to apply for the fiscal year 2019.
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