The earnings cap for Social Insurance purposes for 2025 has increased to €66,612 per annum (2024: €62,868 per annum).
On 13 January 2025 the Tax Department announced that submissions of the Withholding Taxes and Contributions Return, otherwise known as the Employer’s Return, as well as payment of relevant taxes and contributions will be made through the Tax For All Portal.
The decree outlines the essential terms and conditions of employment which employers are obliged to disclose via the Ergani Information System.
The Prevention and Combating of Money Laundering Law of 2024 was published on 6 December 2024, introducing significant changes to obligations related to the Register of Beneficial Owners of Corporate and Other Legal Entities (UBO Register).
Warm wishes for a Merry Christmas and a Healthy, Happy and Prosperous New Year 2025 from all of us at Seamark!
The Directive is set to ensure a global minimum level of taxation for multinational enterprise groups and large domestic groups in the EU. It introduces a 15% minimum effective tax rate for such groups with consolidated revenues exceeding €750 million per annum.
On 8 December 2024 the Republic of Cyprus and the Sultanate of Oman signed a Double Tax Treaty (DTT).
31 December 2024 is the cut off date for assessing whether there a Deemed Dividend Distribution will need to be considered for Special Contribution for Defence purposes.
