This publication includes a brief overview of the tax laws effective as of January 2022. It’s the outcome of hundreds of tax research hours, done with our clients in mind, and provides a comprehensive easy-to-use guide aiming to help you stay informed on local tax issues and legislation changes.

Sections updated include: 

• Income Tax
• Special Contribution to the Defence Fund
• Social Insurance 
• General Healthcare System
• Capital Gains Tax (CGT)
• Intellectual Property Rights– IP Box Regime
• Annual Fee Payable to the Registrar of Companies
• Registration Fees
• Stamp Duties
• Restructuring of Bank Loans
• Value Added Tax (VAT)
• Tonnage Tax System
• Alternative Investment Funds
• Country-by-Country Reporting
• Mandatory Disclosure Rules (DAC6/MDR)
• Transfer pricing
• Double Taxation Agreements

The electronic version of the Cyprus Tax Facts 2022 is also available on EY Cyprus website. The Greek version will be published on the website in the coming weeks.

The Tax Facts are intended to serve as a practical source of information and do not replace specific professional advice. Experts from our team remain at your disposal to provide you with professional, personalized advice based on our extensive experience and industry knowledge. The guide does not reflect all COVID-19 policy measures. For the latest developments, please subscribe to our EY Cyprus Tax Alerts.

Some of the changes expected in 2022 and beyond is the ratification of the Transfer Pricing legislation, the implementations of BEPS 2.0, and the so-called global minimum tax, as well as the introduction of green taxes, and a digitized tax department.

In the occasion of the release of the Tax Facts guide, Philippos Raptopoulos, Partner and Head of Tax and Legal Services at EY Cyprus, said: “Cyprus and Governments worldwide are reforming their tax code at an unprecedented rapid pace. Taxpayers need a guide, such as EY Cyprus’ Tax Facts, to stay well-informed on the shifting tax landscape, especially those contemplating new markets. With this new edition of Tax Facts, we provide a high level, yet comprehensive, guide to the Cyprus tax system.”