Amendment to the Cyprus Income Tax Law

On 19 December 2019, an amendment to the Cyprus Income Tax Law (‘ITL’) was published in the Official Gazette of the Republic of Cyprus, providing for an increase to the annual limit for certain allowances which are deductible from an individual’s taxable income. The main reason for this amendment is to encourage individuals to contribute to such funds as described below, and as a compensatory measure from the introduction of General Healthcare System.

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