Here is our latest news from Fairfax Cyprus
Here is our latest news from Fairfax Cyprus
Individuals are now able to complete their tax returns for 2019 online through the Taxisnet portal. The deadline for all individual taxpayers to fill out the online forms is October 30, 2020.
If Individuals have not already done so from last year, they must register with the Tax Department and proceed accordingly with the completion of their tax return.
The following Personal income tax rates apply to individuals:
| Bracket | Annual Chargeable Income | Rate Accumulated tax |
| 1 | up to €19 500 | 0% NIL |
| 2 | €19 501 – €28 000 | 20% €1700 |
| 3 | €28 001 – €36 300 | 25% €3775 |
| 4 | €36 301 – €60 000 | 30% €10885 |
| 5 | €60,001 and above | 35% |
In the case that the calculations come out to you having overpaid your taxes after submitting your form, a tax refund will be processed by the Tax Department in due time.
Please ensure that your IBAN number and Swift code of your Bank are properly included on the relevant field on the return.
In the case that the calculations conclude to a tax payable, you will need to proceed with the settlement via the Tax portal.
Important Note : According to Circular 46 of Income Tax Legislation (dd 20/08/2020) as of 2020 any individual with any income is obliged to submit personal Income Tax Return revising via taxisnet by the due date , which going forward will be the 31st of July following the year of the assessment.
At Fairfax, we can simplify this process for you and your staff.
Explore the benefits of engaging our team to assist your personnel through this process by contacting us on +357 25558025 or at accounts@fairfaxyeaman.
