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SERVICES

Tax Rates for Income Tax from 1991
Individuals

Tax years from 1991 – 2007

%

Tax Years

1991 – 1995
£

1996 – 1999
£

2000 – 2001
£

2002
£

2003
£

2004 – 2006
£

2007
£

0%

0 – 2 000

0 – 5 000

0 – 6 000

0 – 9 000

0 – 9 000

0 – 10 000

0 – 10 750

20%

2 001 – 4 000

5 001 – 8 000

6 001 – 9 000

-

9 000 – 12 000

10 001 – 15 000

10 751 – 15 750

25%

-

-

-

-

12 001 – 15 000

15 001 – 20 000

15 751 – 20 600

30%

4 001 – 8 000

8 001 – 11 000

9 001 – 12 000

9 001 – 12 000

15 001 and over

20 001 and over

20 600 and over

40%

8 001 and over

11 001 and over

12 001 and over

12 001 and over

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Tax years from 2008

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Tax Year

2008 -2011

2011 onwards

0%

0 – 19 500

0 – 19 500

20%

19 501 – 28 000

19 501 – 28 000

25%

28 001 –36 300

28 001 – 36 300

30%

36 301 and over

36 301 -60 000

35%

-

60 001 and over

 

Legal Persons
Corporation Tax

£

1991 –1995

1996 - 2002

2003 - 2004

2005 - 2007

0 – 40 000

20%(1,2)

20%(1,2)

10%(3,4)

10%(3,4,5)

40 000 – 100 000

25%(1,2)

100 001 – 1000 000

25%(1,2)

1 000 001 and over

15%(5,6)

From 2008 -2012 companies pay tax on all their income at the rate of 10% (3,4,5)

From 2013 companies pay tax on all their income at the rate of 12.50%
Notes
1 For tax years up to 2002 an additional tax of 10% is imposed when the taxable income is reduced due to losses of prior years, deductions for investments and deductions for the depletion of a mine are given.
2 International activity companies were taxed at the rate of 4,25% up to the year 2002. During the year 2002 an additional tax of 10% on taxable income is imposed on public corporate bodies.
3 International activity coanies that elected for transitional tax (7) rules are assessed at 4,25% instead of 10% for years to 2005.
4 Public corporate bodes are assessed at a rate of 25% instead of 10% up to tax year 2008.
5 International activity companies that elected for transitional tax (7) rules rate assessed at 4,25% instead of 10% for the years to 2005.
6 Public corporate bodes are assessed at a rate of 35% instead of 10%
7 The option for the transitional provisions relates to international activity companies that:

    • Had income from sources outside the Republic during the tax year ending 31/12/2001 or are expected to have such income that has not arisen, due to the nature of its activities, up to 31/12/2001 and
    • Continue to have income exclusively from sources outside the Republic. The option is
      • irrevocable
      • applies to tax years 2003-2005
      • Companies that make this option are not allowed to claim
        • the exemption of 50% of interest income
        • The exemption of dividend income (except in the case where the dividend is between companies which have the same status i.e. they have both elected for the option)
        • the exemption for profits on the sale of titles
        • Group relief of losses
        • Tax benefits from re-organisations
        • Credits for foreign tax (except where there is a Double taxation Treaty in force.)
        • Exemption for the profits of a permanent establishment overseas
      • losses that arose during any year up to and including the year 2000 will not transferred and offset with income of any tax year after the passing of 5 years from the end of the tax year in which they occurred.

Deduction of Tax at source
Tax at sources is withheld from the sources of income stated below:
1. From salaries and wages of natural persons resident in the Republic in accordance with Rule 6 of the Income Tax (deduction from emoluments) Rules of 2003.
2. From persons not resident in the republic from sources of income stated below:

Article of
L.118(I)/2002

Type of Payment

Rate of Tax

21

The gross amount of any royalty, premium, compensation or other income derived from sources within the Republic by any person not being resident in the Republic, who is not engaged in any business in the Republic, in consideration for the use of, or for the privilege of using, any copyright, patent, design, secret process or formula, trade mark, know-how or any other like property or in consideration of technical assistance.

10 cent in the £1
17 cent per €1,71

22

The gross amount of any rental in respect of the show in Republic of cinematograph films derived by any person who is not resident in the Republic

5 cent in the £1
9 cent per €1,71

23

The gross income derived by an individual not resident in the Republic from the exercise in the Republic of any profession or vocation, the remuneration of public entertainers not resident in the Republic, and the gross receipts of any theatrical or musical or other group of public entertainers, including football clubs and other athletic missions from abroad, derived from performances in the Republic

10 cent in the £1
17 cent per €1,71

 

     
     
     
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TAX RELATED LINKS

     
Double Tax Treaties
Taxation Booklet 2014
Taxation Rates 2014
VAT Rates in Cyprus 2014
Cyprus VAT- Who is liable to register?
Cyprus ideal Intellectual Property location
FAQ FOR TAXATION
FAQ For immovable property 2015
Penalties for late tax payment
 
 
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Contact Info
Useful Links
Office Location
 
   

M.P Multicount Services Limited

40-42 Vyzantiou Street, 3rd Floor, Office 301

2064 Strovolos, Nicosia, Cyprus

P.O Box 25582, 1310 Nicosia

Tel:+(357) 22-105300 Mob:+(357) 99 220585

Fax:+(357) 22 105600

Email:- info@multi-count.com