The International Economic Relations Directorate of the Greek Ministry of Finance issued a decision on the 31st March 2016 (and further decisions dated 28th January 2019 and 4th April 2019), clarifying specific provisions of the Double Tax Treaty between Greece and Cyprus with regards to the availability of tax credits for foreign taxes suffered. As...Read More

Greece, with newly enacted tax legislation, invites foreign pensioners to relocate and benefit from reduced taxation rates. Persons who receive retirement income from abroad and decide to become tax residents in Greece, can now enjoy a special, flat tax rate of 7% on the sum of their retirement income. The tax is payable annually as...Read More

A reminder that the 1st provisional tax instalment for the tax year ending 31 December 2020 is due on 31stJuly 2020 and the deadline for its payment is on 31st August 2020. The payment of provisional tax can be made through www.jccsmart.com. On the website, follow the path: Tax Department -> SELF ASSESSMENTS -> TEMPORARY Assessment...Read More

The Greek Parliament has implemented the Tax Bill 4646/12.12.2019, introducing significant amendments related to the Greek Tax system.  By virtue of this Law, triggered are segments of the Greek Taxation, significant for both individuals and legal persons and amended are few Legal Acts, namely the Income Tax Code (ITC), the Tax Procedures Code (TPC), the...Read More

The Cyprus Tax Department has announced that the date of submission of the 2019 Income Return for: (a) employees and pensioners (IR1) and (b) self-employed individuals whose turnover does not exceed €70,000 (IR1 self-employed), as well as the payment of the payable tax, is extended until October 30, 2020.   It is clarified that the...Read More

On 2nd June 2020, an amendment of the Cyprus Income Tax Law has been published in the Official Gazette with respect to tax relief that landlords may claim on rental income subject to voluntarily reducing the rent payable by tenants. According to the amendment, a landlord may claim a tax credit against their income tax...Read More

he Fidescorp Tax Facts and Figures is an annual publication that provides an overview of the tax system in Cyprus, based on the current tax legislation and practice.Read More

Under Cyprus tax legislation, Cyprus tax resident individuals are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. An individual who is not a tax resident in Cyprus, is taxed on income accruing or arising only from sources within the Republic. Foreign taxes paid can be credited against the...Read More

On the 9th July 2015, the Cypriot House of Representatives voted a number of significant amendments to the Cyprus tax legislation, further improving the attractiveness of the Cypriot tax system. One of the most important changes made was the introduction of the concept of a non-domiciled resident individual.Read More