On 1 November 2022, the Cyprus Tax Department (Τμήμα Φορολογίας) issued interpretative Circular 10/20221 (“Circular”) in connection with the recently-introduced incentives for first-time employment in Cyprus under Articles 8(21A) and 8(23A) of the country’s income tax law. (For prior coverage, see GMS Flash Alert 2022-146, 4 August 2022.)
To briefly recap, the Cyprus government published the Income Tax (Amendment) (No. 6) Law of 2022 in the country’s official gazette on 26 July with respect to amending existing income tax exemptions for employment income provided in Articles 8(21) and 8(23) of Cyprus’ Income Tax Law.