Simonus Group would like to remind of the two ammendments to Special Contribution for Defence Law (SCDL) and the Income Tax law (ITL) aiming to strengthen Cyprus tax framework and prevent tax abuse that were published in the Official Gazette in December 2021 and will come in force as from 31 December 2022.…

As stated the Minister of Finance Konstantinos Petridis in his recent interview to Politis, the Cyprus authorities are prepared to proceed with the tax reform – the first one since 2002 – which is aimed to simplify and modernize the current tax system. The reform will focus on creating tax incentives to…

In accordance with the Circulars No. 48 and No. 49 issued by the Cyprus Tax Department in July 2021, it is now officially confirmed that the grants and other allowances provided to companies and the self-employed due to the Covid-19 pandemic are not taxable. The specific allowances which were granted to cover rents and other…