Cyprus:
Exemption Of Natural Persons From The Obligation To Submit A Personal Income Tax Return For The Year 2020
04 August 2021
Ernst & Young Cyprus Ltd
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Τhe Council of Ministers, exercising its powers conveyed to
it by the Assessment and Collection of Taxes Law, issued a
decree (No.288/2021) exempting natural persons, whose
total gross annual income is below €19.500, from the
obligation to submit a personal income tax return for the tax year
2020. The decree was published in the official gazette of the
Republic on 9th July 2021.
The said decree was issued further to amendments in the
Assessment and Collection of Taxes Law, published in the official
gazette of the Republic on the 20th of August
2020, according to which all individuals would have an obligation
to submit a personal income tax return from tax year 2020 onwards,
subject to a decree to be issued by the Council of Ministers which
may provide conditions for an exemption.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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