New Cypriot Law abolishes the Special Contribution

On 1 January 2017, the Cypriot Special Contribution was abolished.

The Special Contribution applied in the period between 1 January 2014 and 31 December 2016 as an anti-crisis measure.

It was levied at progressive rates with the top one being 3.5% (for income exceeding EUR 3,501) on a tax base equal to the gross monthly salary or pension.

Yianna Georgiou, Eurofast Taxand