EY Cyprus is pleased to announce the release of the latest edition of the Cyprus Tax Facts guide for the year 2024. This comprehensive guide, presented in English, provides a simple and holistic overview of the Cyprus tax system, giving essential information based on the latest legislation and tax practices applicable to fiscal year 2024.
The 2024 edition includes a concise overview of tax laws effective from January 2024, reflecting the rapidly evolving tax law landscape. The publication is the result of meticulous research, carried out with our clients' needs in mind, and is intended to serve as an easily accessible and comprehensive guide to keep you informed of local tax issues and legislative changes.
Especially , the changes covered in this release include, but are not limited to:
• Minimum global tax rate (Pillar 2)
• Updates on Intragroup Trading rules
• Introduction of new green taxes and Central Electronic System of Payments (CESOP)
• The addition of the Contribution to the Central Body of Equal Distribution of Burdens
• Updates on the 20% and 50% personal income tax exemptions
• Amendments to Double Tax Treaties
In the future, and beyond 2024, we expect further changes and greater clarity regarding the implementation of BEPS 2.0.
The electronic version of Cyprus Tax Facts 2024 is available on the EY Cyprus website, while the Greek version scheduled to be published in the coming weeks.
It is important to note that Cyprus Tax Facts is designed to be a practical source of information and should not be regarded as a complete explanation of the tax topics it covers. It is not a substitute for specific professional advice. Our team of experts are on hand to provide professional and personalized advice based on our extensive experience and industry knowledge. We encourage readers to subscribe to the TaxLegi monthly newsletter and alerts for timely updates on key developments.
On the occasion of the publication of the Tax Facts guide, Philippos Raptopoulos, Partner and Head of Tax and Legal Services at EY of Cyprus, commented: “Global and Cypriot tax legislation is currently undergoing unprecedented reforms, which affect both businesses and individuals. In this changing environment, taxpayers are likely to be caught off guard. Leveraging our team's extensive expertise and global experience, the 2024 edition of EY Cyprus’ Tax Facts enables you to stay well informed about these developments”.