Cyprus Gazettes Law Amending Income Tax Exemption for Nonresident Individuals Employed in Cyprus

The Cypriot Official Gazette June 30 published Law No.51(I)/2023, amending an individual income tax exemption for Cypriot employment income of persons not resident in the country prior to the employment. The law includes measures: 1) increasing to 15 years from 10 years the period immediately prior to the employment that the individual is required not to have been resident in Cyprus; and 2) applying the law’s changes to the 2022 individual income statement. The Tax Department reminds employees, pensioners, and the self-employed, of the statement’s Oct. 2 filing and payment deadline if 2022 income exceeded 19,500 euros (US$21,166). The law ...