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On 4th June 2024, the Tax Department of Cyprus announced that the submission of the Withholding of Taxes & Contributions Return (Form T.D.7) for the year 2023 can be submitted by 31st July 2024, without the imposition of an administrative fine.
After 31st July 2024, charges as stipulated by the relevant law will be applied.
EY Cyprus is at your disposal for any information and/or clarifications required.
On 30 May 2024, the Cypriot Tax Department issued a Circular (3/2024), effective from 1 January 2024, which provides detailed guidance on the tax treatment of insurance premiums relating to medical schemes.
This guidance applies to premiums paid by individuals for their own coverage, as well as those paid by employers for their employees’ coverage.
It is suggested that employers carefully review their existing medical schemes to ensure that these align with the new tax guidelines, according to the provisions of this new circular. In addition, employers are required to take appropriate action to adhere to the provisions of the circular, which may involve adjustments to their payroll and benefit administration process.
EY Cyprus is at your disposal for any information and/or clarifications required.
