Personal Income Tax

Based on Eurostat's latest statistics (May 2006), Cyprus does not only exhibit the lowest corporate tax rate, but also one of the lowest top statutory personal income tax rate at 30%. Moreover, various tax exemptions apply for personal income tax as well, such as:

• exemptions in respect of dividends subject to certain conditions
• no tax on interest income subject to certain conditions
• favourable tax treatment of losses
• no tax on profits earned from permanent establishments abroad under certain conditions
• no tax on capital gains derived from the disposal of securities
• no tax on remuneration by services rendered abroad
• no tax on specific type of income such as compensation for injuries, provident fund, pension fund or other approved funds

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