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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

 

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.  

 

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. 

 

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.

 

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.

 

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.