Tax Exemption for Individuals in 2024 – Decree 385/2024

Tsiarta Froso Eurofast
Froso Tsiarta
Corporate Accountant

Introduction

The Ministry of Finance of the Republic of Cyprus has introduced a significant update for taxpayers. In an effort to simplify compliance and reduce administrative burdens, the government has issued a new decree under the Tax Verification and Collection Laws of 1978 to 2022. The decree, titled The Tax Verification and Collection (Exemption from the Obligation to Submit Tax Returns for Individuals for the Year 2024), introduces a noteworthy exemption for individuals.

Key Provision

Effective as of November 1, 2024, the decree stipulates:

  • Individuals with a gross annual income not exceeding €19,500 are exempt from the obligation to submit a tax return for the year 2024.

This change is part of the government’s ongoing efforts to streamline tax processes and reduce compliance requirements for lower-income earners.

Eurofast’s Take

At Eurofast Cyprus, we recognize that changes in tax legislation can raise questions about compliance and eligibility. Our team of experts is here to provide tailored advice to ensure you understand how this decree impacts your personal or business tax obligations.

With over four decades of experience in tax advisory and compliance services, Eurofast is well-equipped to assist you in navigating the complexities of local tax regulations. Whether you need clarification on this new exemption or assistance with other tax-related matters, our dedicated team is ready to help.

For further queries, please contact us at nicosia@eurofast.eu

Related posts: