The Council of Ministers of the Republic of Cyprus, through Regulatory Administrative Act RAA 373/2022, has issued a Decree relating to the exemption of certain physical persons from the obligation to submit a Tax Declaration (TD1) for the year 2022. In particular, every physical person who, during 2022, has had a gross income of not exceeding €19,500 is exempt from the obligation to submit a Personal Income Tax Return for the year 2022.
The above Decree is subsequent to an earlier legislative amendment to the Assessment and Collection of Taxes Law (L.4/1978) enacted in 2020, based on which all individuals were obligated to submit a Personal Income Tax Return irrespective of whether their gross income exceeded the threshold of €19,500 per annum – an obligation imposed with effect from 2020. At that time, the said legislative amendment was enacted subject to the power of the Council of Ministers to issue a decree providing for such an exemption.
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