Amending Law on Income Tax Law
On December 15, 2020, the amending Law on Income Tax Law was published in the Official Gazette of the Republic of Cyprus.
According to the amending Law, the application of article 8 (21) regarding the income tax exemption:
- of 20% of the fee or € 8,550, whichever is the lower
- from any employment exercised in the Republic of Cyprus
- by a person who was resident outside the Republic of Cyprus in the year preceding the year of commencement of employment in the Republic of Cyprus
is extended until the year 2025 (from the year 2020 before the said amendment).
The validity of this Law is considered to have started on the January 1st, 2020.