EY Cyprus releases the Cyprus Tax Facts Guide 2024

EY Cyprus has announced the release of its latest edition of the Cyprus Tax Facts guide for the year 2024. The comprehensive guide, presented in English, offers a straightforward and holistic summary of the Cyprus tax system, providing essential insights based on the latest legislation and tax practices applicable to the fiscal year 2024.

The 2024 edition encompasses a concise overview of tax laws effective from January 2024, reflecting the rapidly evolving landscape of tax legislation. This publication is the result of meticulous research, undertaken with our clients' needs in mind, and aims to serve as an accessible and comprehensive guide to keep you informed about local tax issues and legislative changes.

Highlighted changes covered in this edition include:

• Global Minimum Tax (Pillar Two)
• Updates on Transfer Pricing rules
• Introduction of new green taxes and Central Electronic System of Payments (CESOP)
• The addition of the Contribution to the Central Agency for the Equal Distribution of Burdens
• Updates to the 20% and 50% personal income tax exemptions
• Amendments to Double Taxation Agreements

Looking beyond 2024, we anticipate further changes and increased clarity regarding the implementation of BEPS 2.0.

The electronic version of the Cyprus Tax Facts 2024 is available on the EY Cyprus website, while the Greek version is scheduled for publication in the coming weeks.

It is important to note that the Tax Facts guide is designed to be a practical source of information and should not be considered a complete explanation of the covered tax matters. It does not replace specific professional advice. Our team of experts is at your disposal to provide professional and personalized advice based on our extensive experience and industry knowledge. We encourage readers to subscribe to our monthly TaxLegi Newsletter and Alerts for timely updates on key developments.

In light of the release of the Tax Facts guide, Philippos Raptopoulos, Partner and Head of Tax and Legal Services at EY Cyprus, remarked, "Global and Cyprus tax legislations are currently experiencing unprecedented reforms, affecting both businesses and individuals. The evolving nature of this environment raises the potential for taxpayers to be caught off guard. Leveraging the comprehensive expertise and global experience of our team, our 2024 edition of EY Cyprus' Tax Facts enables you to stay well-informed on these developments.”