Cyprus Tax Calculators Characteristics
Our Tax Calculators
We have created for your several Cyprus tax calculators to enable you to obtain a better understanding of the tax
effects between different transactions in Cyprus. We describe below the characteristics sed to create them:
Corporation Tax
The Corporation Tax in
Cyprus for years ended 2019 and 2020 is at 12.5%. This is the rate used by out calculator based on taxable
profits of the Company
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VAT
The VAT calculator uses the basic most
frequently used VAT rate of 19% for illustration purposes. Like other European Countries there are several
other VAT rates used which are not demonstrated in this example; for instance, different vat rates apply on
food, medicine, exports of goods, provision of services etc.
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Gross to Net Salary
This calculator takes
into consideration all the 2020 Payroll rates with the exception of the NHS as following COVID 19 unexpected
changes in the rates would render the calculation not accurate. You can assume a 3% increase in
employers' cost and a 3% reduction in the net remuneration of employees as an average to obtain the
accurate figure.
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Dividend Tax
We demonstrate the amount of
Cyprus Dividend Tax withheld by the Company (which will be paid to the Cyprus Income Tax Office) at 17% for
the years 2019 and 2020. The Dividend Tax applies only to Cyprus Tax Residents.
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Social Insurance
We demonstrate the Social
Insurance Contributions for the Employee and the Employer based on the 2019 and 2020 thresholds. Social
Insurance Contributions are tax allowable deductions for the Company.
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Capital Gains Tax
This calculator shows how
much tax needs to be paid when a property is been disposed. We have used the parameters used by the Cyprus
income tax office for the years 2019 and 2020.
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Watch Our Education Videos
Watch more than 100 educational videos explaining how each Cyprus tax is applied with practical examples.
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