EXEMPTION FOR PERSONAL TAX
On September 2022, in the Cyprus Official Gazette it was stated that any individual (self-employed or employee) who annual gross income or salary is below EUR19,500 has no obligation to submit it personal tax return through the website www.taxisnet. All affected individuals need to complete and submit the form TD1. This is applicable for the year 2022.
- There is an obligation to pay tax and submit your TD1, if the limit of EUR19,500 is taxable revenue and not gross revenue. The limit of EUR19,500 (gross) was set for simplified reasons.
- On August 2020, the submission of your TD1 there was not limit.
- Our opinion. In case you submitted your personal income tax for the year 2021 or earlier and you have NO obligation to submit your TD1 for the 2022. We recommend to submit it and the reason behind this, is to avoid any technical issues that may be appear in future years. For example, it may be an error in submitting the TD1 for the year 2023 because the TD1 for the year 2022 was not submitted.
Disclaimer: The information provided in this article is for general awareness and is not intended to be and do not constitute a professional advice.