articles | 08 January 2020

Changes to tax deductions

The tax department on Tuesday reminded taxpayers that following the law amendment in force since last month, any deductions for insurance and contributions cannot exceed one fifth of one’s net income.

In the past, deductions could be given up to one sixth of applicants’ net income.

The new discounts will calculated in individuals’ tax forms for 2019.

The net income is the gross income minus exemptions/deductible expenses before deducting discounts for insurance and contributions, the tax department said.

Source: Cyprus Mail

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