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Individuals' Deductions

Details

Rate %

Expenses of rented property

20% of the rents

Interest paid in respect of rented buildings

100%

Subscriptions to unions or professional associations

100%

Donations to approved charitable institutions, supported by receipts

100%

Social insurance contributions, life insurance premiums and contributions to approved pension funds or medical funds

Up 1/6 of taxable income before the deduction of these allowances

The life insurance should be taken on the taxpayer’s life and not on his/her spouse’s. The allowance granted for insuring the life of the spouse is still valid for policies effected before 1 January 2003

 

The annual premiums are restricted to 7% of the insured amount

 

In the case of cancellation of a life insurance policy within 6 years from the day of its issue, a percentage of the premiums, which were previously allowed, is taxable as follows:

-Cancellation within 3 years
-Cancellation from 4 to 6 years





 30%
20%

For more detailed information about Income Tax, please either scroll up or down this page (quicker) or click below to go to the relevant section:

Tax Charge | Definition | Exemptions | Capital Allowances | Individuals' Deductions | Companies' Deductions | Not - Allowed Deductions | Individuals Tax Rates | Corporate Tax Rates | Special Tax Rates | Tax Losses

For more detailed information about the Tax Law - Tax Facts, please either use the main menu on the left or click below to go to the relevant section (quicker):

Income Tax | Defence Fund Contribution | Social Cohesion Fund | Social Insurance | Capital Gains Tax | Immovable Property Tax | Stamp Duty | Stock Exchange Special Levy | Value Added Tax | Ship Management Services | Shipping | Double Taxation Agreements | Tax Calendar


Contact one of our officers to initiate the incorporation of a Cyprus registered company and start reaping the full benefits of an onshore, low-tax, EU jurisdiction. Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com
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