FRIDAY, 7 OCT 2022

 

CONNECT

Facebook Linked In Twitter
IMH LTD

President Anastasiades To Take Part In Informal European Council In Prague

Biden Says Nuclear Risk Highest Since 1962 Cuban Missile Crisis

IMH LTD

ECONOMY

Government Approves Tax Incentives To Attract Talent And Promote Headquartering

Government Approves Tax Incentives To Attract Talent And Promote Headquartering

The Cypriot government on Tuesday approved a bill with tax incentives aiming to attract talent and promote headquartering in Cyprus, in line with the Strategy for Attracting Businesses for Activities or/and Expansion of their Activities in Cyprus approved by the Council of Ministers in October 2021.

Furthermore, in statements following a Cabinet meeting, Finance Minister Constantinos Petrides said that the Ministry of Interior is expected to table a bill granting visas and work permits to spouses of professionals that opt to relocate in Cyprus, as well as the operation of a One-Stop-Shop.

“We are convinced that this programme is one of the most competitive in the EU and already there is a huge interest particularly from high tech companies which in recent years have selected Cyprus as the place to relocate their headquarters,” Petrides said, adding “we are certain that this bill will further boost the development of this sector which constitutes a strategic aim for the government.”

The bill provides for the reduction of the minimum required salary from €100,000 to €55,000 pern annum (p.a).

For existing employees, the bill provides for a 50% tax break on renumeration from employment earning €55,000 p.a exercised in Cyprus by an individual already in Cyprus, provided that prior to the commencement of his employment in Cyprus he was abroad for 12 consecutive years.

The bill also provides a grace period of six months for obtaining the benefit, while the exemption will continue to apply for 17 years from the commencement of employment.

For new employees, the bill provides a 50% tax deduction on remuneration exercised in Cyprus by an individual who was abroad for 12 consecutive years, while eligible persons should earn €55,000 p.a. For new employees the grace period amounts to two years for obtaining the benefit. The exemption will also be provided for 17 years from the commencement of employment.

Petrides said the employees and businesses opting to relocate in Cyprus due to the plan will bring direct and indirect benefits to the Cypriot economy, while businesses are encouraged to relocate their administration to the Republic bringing “real infrastructure to the island.”

“Through this relocation the tax base and consequently the tax income is broadened,” he said.

 

Source: CNA

MORE ON ECONOMY

Finance Minister Hands Over To House President The Proposed 2023 State Budget, Projecting A €500 Mln Increase

The proposed 2023 state budget submitted by the Minister of Finance, Constantinos ...

Annual Increase In Registered Unemployed In Actual And Seasonal Data In September

The number of registered unemployed in September 2022 increased compared to September ...

Research Spending In Cyprus In 2020 At 0.85% Of GDP, Average Annual Growth Rate At 10.7% Over 10 Years

Total spending on research activities in Cyprus amounted to just 0.85% of the Gross ...

FROM AROUND GOLDNEWS

   

European Parliament Calls For EU Sanctions On Iran Over Repression Of Street Protests

Members of the European Parliament have called for EU sanctions against Iranian security forces over their "widespread, intentional and ...
   

TheSoul Publishing Names Longtime COO Arthur Mamedov As CEO

COO Arthur Mamedov will transition to the role of CEO. At the same time, Anastasiia Vinogradova will become Chief Creative Officer (CCO).
   

How Expensive Is Your Cup Of Coffee?

Data released by EU’s statistical agency Eurostat for August 2022 show that the price of coffee in the EU was on average 16.9% higher than in August 2021.
   

Elon Musk: Twitter Won't 'Take Yes For An Answer'

Billionaire Elon Musk has said he aims to complete his purchase of Twitter by the end of the month, but the company "will not take yes for an answer".
   

House Prices Up In Q2 2022, Cyprus Central Bank Says

An acceleration in the increase of house prices was recorded in the second quarter of 2022, mainly due to increased construction costs, the Central Bank of ...
   

President Anastasiades To Take Part In Informal European Council In Prague

President of the Republic of Cyprus, Nicos Anastasiades is attending the Informal European Council in Prague where the leaders of the 27 EU member states will ...
   

Biden Says Nuclear Risk Highest Since 1962 Cuban Missile Crisis

The risk of a nuclear "Armageddon" is at its highest level since the 1962 Cuban Missile Crisis, US President Joe Biden has said. Mr Biden said ...
   

One-Stop-Shop Framework For Shipping Companies

The plenary of the House of Representatives unanimously passed a law on Thursday that provides for the establishment of a one-stop-shop framework for shipping ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

inb mag nov issue-ict
internationl_compliance_forum_1/7-13/10

IMH LTD