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On 1 November 2022, the Cyprus Tax Department of the Ministry of Finance issued the Circular no. 10/2022 in respect of the part exemption from income tax of the remuneration regarding the first employment exercised in Cyprus.
The Circular provides extensive clarifications (including some ”real-life” examples) in relation to the practical application of the exemptions provided under Articles 8(21A) and 8(23A) of the Income Tax Law.
How can Taxcom help you
In light of the detailed clarifications provided by the Cyprus Tax Department, we suggest that all taxpayers being eligible to claim any of the above exemptions, reconsider the applicability of such exemptions.
Taxcom can provide guidance and review specific cases that might fall under any of the above exemptions.
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