Increase of the Annual Tax Deduction for Individuals (03/01/2020)

As from 06 December 2019, it has been approved by the House of Parliament in Cyprus, that there will be an increase of the annual tax deduction for individuals. The amount was previously set to the 1/6th and now is equal to 1/5th of the annual taxable income of an individual. This applies for contributions to Social Insurance, Pension and Provident Funds, to life and private medical insurance premiums, and the General Health System (GHS).