The House of Representatives voted amendments to the Articles 8(21) and 8(23) of the Income Tax Law (ITL) related to the income tax exemptions granted to employees who take up first employment in Cyprus. The amended provisions of the Law have been published in the Government Gazette on 26 July 2022.
The Cyprus Parliament, on 30th of June 2022, voted amendments to the Income Tax Law introducing detailed rules for the Transfer Pricing legislation. The legislation is effective from 1 January 2022, and it actually incorporates the OECD’s TP Guidelines into the Cyprus legislation.
The Cyprus parliament on the 30th of June approved the extension of the deadline for the payment of the annual levy tax for the year 2022 to the Cyprus Registrar of Companies from 30th of June to 31st of December 2022.