Globalserve – Cyprus Company Formation – бизнес на кипре
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Below is a summary of the tax rates in Cyprus  of the year 2014.

VAT RATES

–          The standard rate of VAT increased from 18% to 19%

–          The reduced rate of 8 % to 9%.

–          The reduced rate of 5% remains unchanged.

 

SOCIAL INSURANCE RATES

–          The Social Insurance contribution has been increased from 6,8% to 7,8% for employers and employees.

–          For self employed individuals has been increased also form 12,6% to 14,6%.

–          The maximum amount on which contributions are calculated are not increased and remains the same as 2013, i.e. €54,396 for employees paid monthly.

 

SPECIAL CONTRIBUTION ON SALARIES

Special contribution has been revised as follows for 2014:

RANGE €

RATE %

0-1,500

0

1,501-2,500

2,5

2,501-3,500

3,0

3,501+

3,5

 

CORPORATE INCOME TAX RATE

Corporate income is taxed at the rate of 12,5%, the lowest in European Union, in line with Cyprus’ longstanding commitment towards a steady, low tax fiscal regime.

 

INDIVIDUALS INCOME TAX RATES

 Chargeable income for the tax year

Tax rate

 Accumulated tax

%

First 19.500

Nil

Nil

From 19.501 to 28.000

20

1.700

From 28.001 – to 36.300

25

3.775

From 36.301 – to 60.000

30

10.885

Οver 60.001

35

DEFENCE TAX RATES

–          Defence Tax on divided income is reduced from 20% to 17%,

–          Defence Tax on interest income is increased to 30%

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