Increase of the limit for certain allowances for individuals – Amendment of Income Tax Law

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.

For any tax law issues please contact us on the phone +357 22272360 or by email : info@dplawcyprus.com

Share:

More Posts

Η υποχρέωση ενημέρωσης του καταναλωτή από την τράπεζα και η απαίτηση διαφάνειας πριν από τη σύναψη δανείου

του Γιώργου Καζολέα, δικηγόρου σε Σ.Διονυσίου & Συνεργάτες ΔΕΠΕ Σημαντική απόφαση για τις καταχρηστικές ρήτρες σε συμβάσεις δανείων που συνάφθηκαν σε ξένο νόμισμα εξέδωσε το

Cyprus: Personal income tax guide

Whether you are an individual taxpayer or a small business owner, navigating the tax landscape can be overwhelming. Our law firm has prepared a high-level

Get in Touch

Seeking legal, business or immigration solutions in Cyprus? Contact us for a consultation.

Contact Info