Social Insurance Services of Cyprus announced that the annual maximum insurable amount for 2023 is increased to €60.060 from €58.080, and also for monthly paid employees to €5.005 per month from €4.840 and for weekly paid employees from €1.155 per week to €1.117.
The deadline for payment of the second installment of Temporary Tax for the year 2022, is 31 January 2023.
All companies have the right to revise their estimated taxable income at any time before 31 December 2022. If the estimated taxable income is revised upwards, there will be interest payable at the rate of 1,75% on the difference between the revised amount payable and the amount initially declared from the due date of payment of the 1st installment.
The long-awaited Corporate Tax law has been released by the Ministry of Finance vide Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses. It is now confirmed that the relevant businesses will become subject to UAE Corporate Tax from the beginning of their first financial year, which starts on or after 01 June 2023.