As all of us knows that Income tax comes under the purview of direct tax.It is a major source of revenue for all countries.More industries and companies means more revenue.More revenue generation paves the way for growth and prosperity.So I want to know, What are income tax structure for individuals in Cyprus?Persons who are going to setup companies in Cyprus should have clear idea about the Tex structure of that country.
The income tax structure of Cyprus is very simple.It is between minimum of 20% to maximum of 30%.The income below 19500 EURO is exempted from income tax.From 19501 EURO to 28000 it is @ 20% and from 28001 EURO to 36300 is 25%. The maximum rate of income tax that an Individual has to pay as a resident of Cyprus is 30% if his/her income is over and above 36001 EURO.
