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Tax Rates for Income Tax

Tax Rates for Income Tax from 1991

General
1. The taxable earnings where imported into the Republic from the export of locally made or produced products (excluding petroleum product), are taxable up to the 2002 at ? rates.
2. Companies which introduced shares into the Cyprus Stock Exchange for the first time, after 10/7/1998, are taxable for the 4 tax years that followed the year in which their shares were introduced, with ? rates, with a maximum benefit of ?100 000, until the year 2002.

Individuals
Tax years from 1991 - 2007
%
Tax Years
1991 - 1995
CYP
1996 - 1999
CYP
2000 - 2001
CYP
2002
CYP
2003
CYP
2004 - 2006
CYP
2007
CYP
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

Tax years form 2008

Tax Year
EUR
2008
0%
0 - 19 500
20%
19 501 - 28 000
25%
28 001 - 36 300
30%
36 301 and over

Legal Persons

Corporation Tax
CYP
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 companies pay tax on all their income at the rate of 10% (3,4,5)

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 are taxed at the rate of 4,25%. During the year 2002 an additional tax of 10% on taxable income is imposed on public corporate bodies.
3 International activity companies 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%
5 International activity companies that elected for transitional tax 8 rules ate assessed at 4,25% instead of 15% for the years to 2005.
6 Public corporate bodes are assessed at a rate of 35% instead of 15%
7 The option for the transitional provisions relates to international activity companies that:




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