Tax News: 05/2023
With reference to our previous tax notification no. 08/2022, dated 26 July 2022, we hereby summarise further amendments that were recently voted by the Cyprus Parliament in relation to the provisions of Article 8(23A) of the Income Tax Law and were published on the Cyprus Gazette on 30 June 2023.
The amendments made to Article 8(23A) of the Income Tax Law are the following:
The amended law is effective as from 1st January 2022.
It is noted that the above amendments also apply to the transitional provisions as these were initially introduced in Article 8(23A), and are as follows:
Individuals whose employment commenced before 1 January 2022 and who were not Cyprus tax residents during any of the 15 years preceding the year of their employment in Cyprus, may also be eligible to transition into the provisions of new Article 8(23A) for the 50% exemption during any tax year in which their remuneration exceeds the amount of €55.000, starting from year 2022 and until the completion of 17 consecutive years from the year of their employment, provided they meet one of the following conditions:
Our firm’s tax team is at your disposal for any further information or assistance you may need in relation to the above.