Taxation in Cyprus

Taxation

An aspect of fiscal policy
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Distribution Tax rate Progressive Regressive Proportional
Types Direct Indirect Per unit Ad valorem In rem Capital gains Carbon Consumption Dividend Ecotax Excise Fuel Georgist Gift Gross receipts Income Inheritance (estate) Land value Payroll Pigovian Property Sales Sin Single Stamp Steering Turnover Value-added (VAT) Corporate profit Excess profits Windfall profits Negative (income) Flat Wealth
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By country List of countries by tax rates Tax revenues as %GDP Albania Algeria Argentina Australia Azerbaijan Bangladesh Bhutan Bulgaria Canada China Colombia France Germany Greece Iceland India Indonesia Iran Ireland Israel Italy Japan Kazakhstan Lithuania Malta Namibia Netherlands New Zealand Norway Pakistan Palestinian territories Peru Philippines Poland Russia Singapore South Africa Sweden Switzerland Tanzania United Kingdom United States Uruguay

Taxation in Cyprus, is levied by both central and local governments. Tax revenue stood at 39.2% of GDP in 2012.^[1] The most important revenue sources are the income tax, social security, value-added tax and corporate tax, and are all collected by the central government.

Income taxes is levied on a progressive rate. Current brackets vary from 0% to 35% in the tax rates for 2014.^[2] Furthermore, various tax allowances apply for trade union fees, donation to charities. The Tax for the year 2014:

Annual income	Tax rate
In between €0 and €19500	0%
In between €19500 and €28000	20%
In between €28000 and €36300	25%
In between €36300 and €60000	30%
In excess of €60000	35%

Employment income is also subject to various social security contributions. Contributions are subject to a ceiling, for the year 2014 the maximum amount of insurable earnings has been set to €54396 per year.^[3] Employee pay 7.8% of wage and employer contribute 11.5% of corresponding wage.^[4]

Value-added tax apply the most sale of goods and services. The standard rate apply at 19% in 2014, up from 17% since 2013.^[5] A lower rate of 9% apply groceries, books and hotel services. The Cyprus VAT is part of the European Union value added tax system. Certain goods and services are exempt from VAT. This include export, financial services, rent etc.

Corporate taxes are levied at a rate of 12.5%. Various deductions apply including interest cost of buying other companies, and employers cost to social security.^[6]

References

↑ Index of Economic Freedom, Heritage Foundation. Note: Tax revenue as a percentage of GDP was obtained from the individual country pages, under the "Fiscal Freedom" section. These numbers change. Please update the numbers for individual countries in the list.
↑ "Tax Facts & Figures 2014 - Cyprus" (PDF). PWC.
↑ "Cyprus - Other taxes and levies". kpmg.com.
↑ "Cyprus - Other taxes and levies". kpmg.com.
↑ "Cyprus - VAT rates 2014". KPMG.com.
↑ "Tax Facts & Figures 2014 - Cyprus" (PDF). PWC.

Taxation in Asia

Sovereign states	Afghanistan Armenia Azerbaijan Bahrain Bangladesh Bhutan Brunei Cambodia China Cyprus East Timor (Timor-Leste) Egypt Georgia India Indonesia Iran Iraq Israel Japan Jordan Kazakhstan North Korea South Korea Kuwait Kyrgyzstan Laos Lebanon Malaysia Maldives Mongolia Myanmar Nepal Oman Pakistan Philippines Qatar Russia Saudi Arabia Singapore Sri Lanka Syria Tajikistan Thailand Turkey Turkmenistan United Arab Emirates Uzbekistan Vietnam Yemen

States with limited recognition	Abkhazia Nagorno-Karabakh Northern Cyprus Palestine South Ossetia Taiwan

Dependencies and other territories	British Indian Ocean Territory Christmas Island Cocos (Keeling) Islands Hong Kong Macau

Taxation in Europe

Sovereign states	Albania Andorra Armenia Austria Azerbaijan Belarus Belgium Bosnia and Herzegovina Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland France Georgia Germany Greece Hungary Iceland Ireland Italy Kazakhstan Latvia Liechtenstein Lithuania Luxembourg Macedonia Malta Moldova Monaco Montenegro Netherlands Norway Poland Portugal Romania Russia San Marino Serbia Slovakia Slovenia Spain Sweden Switzerland Turkey Ukraine United Kingdom

States with limited recognition	Abkhazia Kosovo Nagorno-Karabakh Republic Northern Cyprus South Ossetia Transnistria

Other entities	European Union

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