Social Insurance

The Social Insurance Scheme is financed by the employers and insured persons contributions.

Social Insurance and other Contributions

The employer is obliged to pay the contributions (his rate and the rate of the employee) to the Social Insurance Fund. Contributions to the social insurance and other relevant funds are calculated on the employee’s gross emoluments at the following rates:

Table - 2 Column Wide
Annual wear and tear allowances on assets
Rate %
in Millions
Plant and machinery
10
Furniture and fittings
10
Industrial carpets
10
Machinery and tools used  in an agricultural business
15
Vehicles and Means of Transportation*
Commercial motor vehicles
20
Motor cycles
20
Excavators, tractors,  bulldozers, self-propelled loaders and drums for petrol companies
25
Armoured cars (e.g. used by Security Services)
20
Specialised machinery for the laying of railroads
20
New airplanes
8
New helicopters
8
Sailing vessels
4,5
Motor Yachts
6
Steamships, tug-boats and  fishing boats
6
Ship launching  machinery  
12,5
New cargo vessels
8
New passenger vessels
6
Used cargo/passenger  vessels
Over their UEL
* Plant and machinery,vehicles (excluding private motor vehicles) and other assets acquired duringthe tax years 2012 - 2018 (inclusive) are eligible to accelerated taxdepreciation at the rate of 20% (excluding such assets which are alreadyeligible for a higher annual tax rate of tax depreciation).
Other
Televisions and videos
10
Computer hardware and  operating systems
20
Application software
33 1/3
Application software for less than €1.709 is written off in the year of acquisition
Wind Power Generators
10
Photovoltaic Systems
10
Tools in general
33 1/3
Videotapes property of  video clubs
50
Buildings*
Commercial buildings
3
Industrial, agricultural  and hotel buildings
4
Flats
3
Metallic greenhouse  structures
10
Wooden greenhouse  structures
33 1/3
* In the case ofindustrial and hotel buildings that are acquired during the tax years 2012 -2018 (inclusive), accelerated tax depreciation at the rate of 7% per annumapplies.
Table -  4 Column
Source
in Millions
Cyprus tax resident
Companies
per Sq KM
Cyprus tax resident and
domiciled individuals
in Million of $
Cyprus tax resident but
non-domiciled individuals
in Million of $
Dividends from Cyprus tax resident companies
0% 

17% if received after the lapse of 4 years fromthe end of the year in which the profits were distributed
17%
0%
Dividends from non-Cyprus tax resident companies
0% 

However, 0% andnot 17% is applicable when:
a) more than 50% of the foreignpaying company’s activities result directly or indirectly in investment income,and
b) theforeign tax is significantly lower than the tax burden in Cyprus, i.e. lessthan 6,25%
17%
0%
Interest income arising from the ordinary activities or closely connected with theordinary activities of the business
0% but subject to corporation  tax
0% but subject to personal tax
0% but subject to personal tax
Other interest income
30%
30% (subject to conditions)
0%
Rental income less 25%
3%
3%
0%

The Social Insurance Scheme applies to all workers (employed and self-employed). Voluntary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers.

The maximum amount of insurable earnings for the purpose of payment of contributions is fixed by Regulations. This amount is usually revised every year. In case that the wage or salary is higher than the maximum amount of insurable earnings, no contribution is paid on that higher amount. The maximum amount for the year 2022 is €58.080 (monthly €4.840).

Deadlines for payment of contributions

Employers pay their contributions (including the employee’s share), by the end of the calendar month which follows the month for which contributions are due. For example, for January 2022 contributions must be paid by the 28th of February 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Self-employed persons pay their contributions quarterly within one month and ten days from the end of each quarter. For example, January-March 2022 contributions must be paid by 10th of May 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Payment of contributions

Social insurance payments are made to the District Offices of the Department of Social Insurance. Social insurance payments can on the internet via the department's online Contributions Payment System known as SISweb. https://www.pay.sid.mlsi.gov.cy/

Additional charge for late payment

In case of delay in the payment of contributions by an employer, an additional charge must be paid to the Social Insurance Fund and the Social Cohesion Fund fixed as a percentage of the contributions due and rising progressively according to the time of delay. For the first month of delay the charge is 3% and increases by 3% for each month of delay, after the first month, up to a maximum of 27%.

Individuals can deductfrom the capital gain the following:
Annual wear and tear allowances on assets
Rate %
in Millions
Disposal of private residence (subject to certain  conditions)
€85.430
Disposal of agricultural land by a farmer
€25.629
Any other disposal of immovable property
€17.086
Table -  4 Column
Market value €
in Millions
Rate %
per Sq KM
Fees €
in Million of $
Accumulated fees €
in Million of $
Up to 85.000
3
2.550
2.550
85.000 – 170.000
5
4.250
6.800
Above 170.000
8
Individuals can deductfrom the capital gain the following:
Annual wear and tear allowances on assets
Rate %
in Millions
Transfer to children
0%
Transfer to spouse
0,1%
Transfer to a relative (up to 3rd degree)
0,1%
Penalties
Annual wear and tear allowances on assets
Rate %
in Millions
Late registration
€ 85 per month
Late deregistration
€85 one off
Late submission of VAT return
€100 per return
Late submission of VIES return
€50 per return
Late submission of Intrastat return
€15 per return
Late correction of mistake on VIES return
€15 per return
Failure to issue a lawful receipt
20% of the value of the supply
 Late payment of VAT
(i) 10% of the payable amount (one off)
(ii) and interestfor any complete month for which the amount remains due
Non-settlement of VAT amounts
Interest for every complete month for which the  amount remains due
Failure to apply the reverse charge  provisions
€200 per return which will not exceed the  penalty of €4.000
Table - 2 Column Wide
Period
Interest rate %
in Millions
Up to 31 December 2016
9
01/01/2007 – 31/12/2009
8
01/01/2010 – 31/12/2010
5,35
01/01/2011 – 31/12/2012
5
01/01/2013 – 31/12/2013
4,75
01/01/2014 – 31/12/2014
4,5
01/01/2015 – 31/12/2016
4
01/01/2017 – 31/12/2018
3,5
01/01/2019 – 31/12/2019
2
01/01/2020 – 31/12/2021
1,75
From 1 January 2022
1,75

The Social Insurance Scheme is financed by the employers and insured persons contributions.

Social Insurance and other Contributions

The employer is obliged to pay the contributions (his rate and the rate of the employee) to the Social Insurance Fund. Contributions to the social insurance and other relevant funds are calculated on the employee’s gross emoluments at the following rates:

Table - 2 Column Wide
Annual wear and tear allowances on assets
Rate %
in Millions
Plant and machinery
10
Furniture and fittings
10
Industrial carpets
10
Machinery and tools used  in an agricultural business
15
Vehicles and Means of Transportation*
Commercial motor vehicles
20
Motor cycles
20
Excavators, tractors,  bulldozers, self-propelled loaders and drums for petrol companies
25
Armoured cars (e.g. used by Security Services)
20
Specialised machinery for the laying of railroads
20
New airplanes
8
New helicopters
8
Sailing vessels
4,5
Motor Yachts
6
Steamships, tug-boats and  fishing boats
6
Ship launching  machinery  
12,5
New cargo vessels
8
New passenger vessels
6
Used cargo/passenger  vessels
Over their UEL
* Plant and machinery,vehicles (excluding private motor vehicles) and other assets acquired duringthe tax years 2012 - 2018 (inclusive) are eligible to accelerated taxdepreciation at the rate of 20% (excluding such assets which are alreadyeligible for a higher annual tax rate of tax depreciation).
Other
Televisions and videos
10
Computer hardware and  operating systems
20
Application software
33 1/3
Application software for less than €1.709 is written off in the year of acquisition
Wind Power Generators
10
Photovoltaic Systems
10
Tools in general
33 1/3
Videotapes property of  video clubs
50
Buildings*
Commercial buildings
3
Industrial, agricultural  and hotel buildings
4
Flats
3
Metallic greenhouse  structures
10
Wooden greenhouse  structures
33 1/3
* In the case ofindustrial and hotel buildings that are acquired during the tax years 2012 -2018 (inclusive), accelerated tax depreciation at the rate of 7% per annumapplies.
Table -  4 Column
Source
in Millions
Cyprus tax resident
Companies
per Sq KM
Cyprus tax resident and
domiciled individuals
in Million of $
Cyprus tax resident but
non-domiciled individuals
in Million of $
Dividends from Cyprus tax resident companies
0% 

17% if received after the lapse of 4 years fromthe end of the year in which the profits were distributed
17%
0%
Dividends from non-Cyprus tax resident companies
0% 

However, 0% andnot 17% is applicable when:
a) more than 50% of the foreignpaying company’s activities result directly or indirectly in investment income,and
b) theforeign tax is significantly lower than the tax burden in Cyprus, i.e. lessthan 6,25%
17%
0%
Interest income arising from the ordinary activities or closely connected with theordinary activities of the business
0% but subject to corporation  tax
0% but subject to personal tax
0% but subject to personal tax
Other interest income
30%
30% (subject to conditions)
0%
Rental income less 25%
3%
3%
0%

The Social Insurance Scheme applies to all workers (employed and self-employed). Voluntary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers.

The maximum amount of insurable earnings for the purpose of payment of contributions is fixed by Regulations. This amount is usually revised every year. In case that the wage or salary is higher than the maximum amount of insurable earnings, no contribution is paid on that higher amount. The maximum amount for the year 2022 is €58.080 (monthly €4.840).

Deadlines for payment of contributions

Employers pay their contributions (including the employee’s share), by the end of the calendar month which follows the month for which contributions are due. For example, for January 2022 contributions must be paid by the 28th of February 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Self-employed persons pay their contributions quarterly within one month and ten days from the end of each quarter. For example, January-March 2022 contributions must be paid by 10th of May 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Payment of contributions

Social insurance payments are made to the District Offices of the Department of Social Insurance. Social insurance payments can on the internet via the department's online Contributions Payment System known as SISweb. https://www.pay.sid.mlsi.gov.cy/

Additional charge for late payment

In case of delay in the payment of contributions by an employer, an additional charge must be paid to the Social Insurance Fund and the Social Cohesion Fund fixed as a percentage of the contributions due and rising progressively according to the time of delay. For the first month of delay the charge is 3% and increases by 3% for each month of delay, after the first month, up to a maximum of 27%.

Individuals can deductfrom the capital gain the following:
Annual wear and tear allowances on assets
Rate %
in Millions
Disposal of private residence (subject to certain  conditions)
€85.430
Disposal of agricultural land by a farmer
€25.629
Any other disposal of immovable property
€17.086
Table -  4 Column
Market value €
in Millions
Rate %
per Sq KM
Fees €
in Million of $
Accumulated fees €
in Million of $
Up to 85.000
3
2.550
2.550
85.000 – 170.000
5
4.250
6.800
Above 170.000
8

The Social Insurance Scheme is financed by the employers and insured persons contributions.

Social Insurance and other Contributions

The employer is obliged to pay the contributions (his rate and the rate of the employee) to the Social Insurance Fund. Contributions to the social insurance and other relevant funds are calculated on the employee’s gross emoluments at the following rates:

Table - 2 Column Wide
Annual wear and tear allowances on assets
Rate %
in Millions
Plant and machinery
10
Furniture and fittings
10
Industrial carpets
10
Machinery and tools used  in an agricultural business
15
Vehicles and Means of Transportation*
Commercial motor vehicles
20
Motor cycles
20
Excavators, tractors,  bulldozers, self-propelled loaders and drums for petrol companies
25
Armoured cars (e.g. used by Security Services)
20
Specialised machinery for the laying of railroads
20
New airplanes
8
New helicopters
8
Sailing vessels
4,5
Motor Yachts
6
Steamships, tug-boats and  fishing boats
6
Ship launching  machinery  
12,5
New cargo vessels
8
New passenger vessels
6
Used cargo/passenger  vessels
Over their UEL
* Plant and machinery,vehicles (excluding private motor vehicles) and other assets acquired duringthe tax years 2012 - 2018 (inclusive) are eligible to accelerated taxdepreciation at the rate of 20% (excluding such assets which are alreadyeligible for a higher annual tax rate of tax depreciation).
Other
Televisions and videos
10
Computer hardware and  operating systems
20
Application software
33 1/3
Application software for less than €1.709 is written off in the year of acquisition
Wind Power Generators
10
Photovoltaic Systems
10
Tools in general
33 1/3
Videotapes property of  video clubs
50
Buildings*
Commercial buildings
3
Industrial, agricultural  and hotel buildings
4
Flats
3
Metallic greenhouse  structures
10
Wooden greenhouse  structures
33 1/3
* In the case ofindustrial and hotel buildings that are acquired during the tax years 2012 -2018 (inclusive), accelerated tax depreciation at the rate of 7% per annumapplies.
Personal Income Tax Rates
Taxable Income €
in Millions
Tax rate %
per Sq KM
Amount of tax €
in Million of $
Cumulative amount of tax €
in Million of $
0 – 19.500
0
0
0
19.501 – 28.000
20
1.700
1.700
28.001 – 36.300
25
2.075
3.775
36.301 – 60.000
30
7.110
10.885
60.001 and over
35

The Social Insurance Scheme applies to all workers (employed and self-employed). Voluntary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers.

The maximum amount of insurable earnings for the purpose of payment of contributions is fixed by Regulations. This amount is usually revised every year. In case that the wage or salary is higher than the maximum amount of insurable earnings, no contribution is paid on that higher amount. The maximum amount for the year 2022 is €58.080 (monthly €4.840).

Deadlines for payment of contributions

Employers pay their contributions (including the employee’s share), by the end of the calendar month which follows the month for which contributions are due. For example, for January 2022 contributions must be paid by the 28th of February 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Self-employed persons pay their contributions quarterly within one month and ten days from the end of each quarter. For example, January-March 2022 contributions must be paid by 10th of May 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Payment of contributions

Social insurance payments are made to the District Offices of the Department of Social Insurance. Social insurance payments can on the internet via the department's online Contributions Payment System known as SISweb. https://www.pay.sid.mlsi.gov.cy/

Additional charge for late payment

In case of delay in the payment of contributions by an employer, an additional charge must be paid to the Social Insurance Fund and the Social Cohesion Fund fixed as a percentage of the contributions due and rising progressively according to the time of delay. For the first month of delay the charge is 3% and increases by 3% for each month of delay, after the first month, up to a maximum of 27%.

Individuals can deductfrom the capital gain the following:
Annual wear and tear allowances on assets
Rate %
in Millions
Disposal of private residence (subject to certain  conditions)
€85.430
Disposal of agricultural land by a farmer
€25.629
Any other disposal of immovable property
€17.086
Table -  4 Column
Market value €
in Millions
Rate %
per Sq KM
Fees €
in Million of $
Accumulated fees €
in Million of $
Up to 85.000
3
2.550
2.550
85.000 – 170.000
5
4.250
6.800
Above 170.000
8

The Social Insurance Scheme is financed by the employers and insured persons contributions.

Social Insurance and other Contributions

The employer is obliged to pay the contributions (his rate and the rate of the employee) to the Social Insurance Fund. Contributions to the social insurance and other relevant funds are calculated on the employee’s gross emoluments at the following rates:

Table - 3 Column Wide
Contributors
Contribution percentage
01/03/2019– 28/02/2020
in Millions
Contribution percentage
from 01/03/2020
per Sq KM
Employees
1,70%
2,65%
Employers*
1,85%
2,90%
State
1,65%
4,70%
Self-Employed
2,55%
4%
Pensioners
1,70%
2,65%
Income earners (interest, rent, dividends etc.)
1,70%
2,65%
Officials
1,70%
2,65%
*Including the State as Employer
Table - 2 Column Wide
Annual wear and tear allowances on assets
Rate %
in Millions
Plant and machinery
10
Furniture and fittings
10
Industrial carpets
10
Machinery and tools used  in an agricultural business
15
Vehicles and Means of Transportation*
Commercial motor vehicles
20
Motor cycles
20
Excavators, tractors,  bulldozers, self-propelled loaders and drums for petrol companies
25
Armoured cars (e.g. used by Security Services)
20
Specialised machinery for the laying of railroads
20
New airplanes
8
New helicopters
8
Sailing vessels
4,5
Motor Yachts
6
Steamships, tug-boats and  fishing boats
6
Ship launching  machinery  
12,5
New cargo vessels
8
New passenger vessels
6
Used cargo/passenger  vessels
Over their UEL
* Plant and machinery,vehicles (excluding private motor vehicles) and other assets acquired duringthe tax years 2012 - 2018 (inclusive) are eligible to accelerated taxdepreciation at the rate of 20% (excluding such assets which are alreadyeligible for a higher annual tax rate of tax depreciation).
Other
Televisions and videos
10
Computer hardware and  operating systems
20
Application software
33 1/3
Application software for less than €1.709 is written off in the year of acquisition
Wind Power Generators
10
Photovoltaic Systems
10
Tools in general
33 1/3
Videotapes property of  video clubs
50
Buildings*
Commercial buildings
3
Industrial, agricultural  and hotel buildings
4
Flats
3
Metallic greenhouse  structures
10
Wooden greenhouse  structures
33 1/3
* In the case ofindustrial and hotel buildings that are acquired during the tax years 2012 -2018 (inclusive), accelerated tax depreciation at the rate of 7% per annumapplies.
Personal Income Tax Rates
Taxable Income €
in Millions
Tax rate %
per Sq KM
Amount of tax €
in Million of $
Cumulative amount of tax €
in Million of $
0 – 19.500
0
0
0
19.501 – 28.000
20
1.700
1.700
28.001 – 36.300
25
2.075
3.775
36.301 – 60.000
30
7.110
10.885
60.001 and over
35

The Social Insurance Scheme applies to all workers (employed and self-employed). Voluntary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers.

The maximum amount of insurable earnings for the purpose of payment of contributions is fixed by Regulations. This amount is usually revised every year. In case that the wage or salary is higher than the maximum amount of insurable earnings, no contribution is paid on that higher amount. The maximum amount for the year 2022 is €58.080 (monthly €4.840).

Deadlines for payment of contributions

Employers pay their contributions (including the employee’s share), by the end of the calendar month which follows the month for which contributions are due. For example, for January 2022 contributions must be paid by the 28th of February 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Self-employed persons pay their contributions quarterly within one month and ten days from the end of each quarter. For example, January-March 2022 contributions must be paid by 10th of May 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Payment of contributions

Social insurance payments are made to the District Offices of the Department of Social Insurance. Social insurance payments can on the internet via the department's online Contributions Payment System known as SISweb. https://www.pay.sid.mlsi.gov.cy/

Additional charge for late payment

In case of delay in the payment of contributions by an employer, an additional charge must be paid to the Social Insurance Fund and the Social Cohesion Fund fixed as a percentage of the contributions due and rising progressively according to the time of delay. For the first month of delay the charge is 3% and increases by 3% for each month of delay, after the first month, up to a maximum of 27%.

Individuals can deductfrom the capital gain the following:
Annual wear and tear allowances on assets
Rate %
in Millions
Disposal of private residence (subject to certain  conditions)
€85.430
Disposal of agricultural land by a farmer
€25.629
Any other disposal of immovable property
€17.086
Table -  4 Column
Market value €
in Millions
Rate %
per Sq KM
Fees €
in Million of $
Accumulated fees €
in Million of $
Up to 85.000
3
2.550
2.550
85.000 – 170.000
5
4.250
6.800
Above 170.000
8

The Social Insurance Scheme is financed by the employers and insured persons contributions.

Social Insurance and other Contributions

The employer is obliged to pay the contributions (his rate and the rate of the employee) to the Social Insurance Fund. Contributions to the social insurance and other relevant funds are calculated on the employee’s gross emoluments at the following rates:

Table - 3 Column Wide
Contributors
Contribution percentage
01/03/2019– 28/02/2020
in Millions
Contribution percentage
from 01/03/2020
per Sq KM
Employees
1,70%
2,65%
Employers*
1,85%
2,90%
State
1,65%
4,70%
Self-Employed
2,55%
4%
Pensioners
1,70%
2,65%
Income earners (interest, rent, dividends etc.)
1,70%
2,65%
Officials
1,70%
2,65%
*Including the State as Employer
Table - 2 Column Wide
Annual wear and tear allowances on assets
Rate %
in Millions
Plant and machinery
10
Furniture and fittings
10
Industrial carpets
10
Machinery and tools used  in an agricultural business
15
Vehicles and Means of Transportation*
Commercial motor vehicles
20
Motor cycles
20
Excavators, tractors,  bulldozers, self-propelled loaders and drums for petrol companies
25
Armoured cars (e.g. used by Security Services)
20
Specialised machinery for the laying of railroads
20
New airplanes
8
New helicopters
8
Sailing vessels
4,5
Motor Yachts
6
Steamships, tug-boats and  fishing boats
6
Ship launching  machinery  
12,5
New cargo vessels
8
New passenger vessels
6
Used cargo/passenger  vessels
Over their UEL
* Plant and machinery,vehicles (excluding private motor vehicles) and other assets acquired duringthe tax years 2012 - 2018 (inclusive) are eligible to accelerated taxdepreciation at the rate of 20% (excluding such assets which are alreadyeligible for a higher annual tax rate of tax depreciation).
Other
Televisions and videos
10
Computer hardware and  operating systems
20
Application software
33 1/3
Application software for less than €1.709 is written off in the year of acquisition
Wind Power Generators
10
Photovoltaic Systems
10
Tools in general
33 1/3
Videotapes property of  video clubs
50
Buildings*
Commercial buildings
3
Industrial, agricultural  and hotel buildings
4
Flats
3
Metallic greenhouse  structures
10
Wooden greenhouse  structures
33 1/3
* In the case ofindustrial and hotel buildings that are acquired during the tax years 2012 -2018 (inclusive), accelerated tax depreciation at the rate of 7% per annumapplies.
Personal Income Tax Rates
Fund
in Millions
Employer %
per Sq KM
Employee %
in Million of $
Self-employed %
in Million of $
Social Insurance
8,3
8,3
-
Social cohesion
2
-
-
Redundancy
1,2
-
-
Industrial Training
0,5
-
-
Holiday (exemptions apply)
8
-
-

The Social Insurance Scheme applies to all workers (employed and self-employed). Voluntary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers.

The maximum amount of insurable earnings for the purpose of payment of contributions is fixed by Regulations. This amount is usually revised every year. In case that the wage or salary is higher than the maximum amount of insurable earnings, no contribution is paid on that higher amount. The maximum amount for the year 2022 is €58.080 (monthly €4.840).

Deadlines for payment of contributions

Employers pay their contributions (including the employee’s share), by the end of the calendar month which follows the month for which contributions are due. For example, for January 2022 contributions must be paid by the 28th of February 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Self-employed persons pay their contributions quarterly within one month and ten days from the end of each quarter. For example, January-March 2022 contributions must be paid by 10th of May 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Payment of contributions

Social insurance payments are made to the District Offices of the Department of Social Insurance. Social insurance payments can on the internet via the department's online Contributions Payment System known as SISweb. https://www.pay.sid.mlsi.gov.cy/

Additional charge for late payment

In case of delay in the payment of contributions by an employer, an additional charge must be paid to the Social Insurance Fund and the Social Cohesion Fund fixed as a percentage of the contributions due and rising progressively according to the time of delay. For the first month of delay the charge is 3% and increases by 3% for each month of delay, after the first month, up to a maximum of 27%.

Individuals can deductfrom the capital gain the following:
Annual wear and tear allowances on assets
Rate %
in Millions
Disposal of private residence (subject to certain  conditions)
€85.430
Disposal of agricultural land by a farmer
€25.629
Any other disposal of immovable property
€17.086
Table -  4 Column
Market value €
in Millions
Rate %
per Sq KM
Fees €
in Million of $
Accumulated fees €
in Million of $
Up to 85.000
3
2.550
2.550
85.000 – 170.000
5
4.250
6.800
Above 170.000
8

The Social Insurance Scheme is financed by the employers and insured persons contributions.

Social Insurance and other Contributions

The employer is obliged to pay the contributions (his rate and the rate of the employee) to the Social Insurance Fund. Contributions to the social insurance and other relevant funds are calculated on the employee’s gross emoluments at the following rates:

Table - 3 Column Wide
Contributors
Contribution percentage
01/03/2019– 28/02/2020
in Millions
Contribution percentage
from 01/03/2020
per Sq KM
Employees
1,70%
2,65%
Employers*
1,85%
2,90%
State
1,65%
4,70%
Self-Employed
2,55%
4%
Pensioners
1,70%
2,65%
Income earners (interest, rent, dividends etc.)
1,70%
2,65%
Officials
1,70%
2,65%
*Including the State as Employer
Table - 2 Column Wide
Annual wear and tear allowances on assets
Rate %
in Millions
Plant and machinery
10
Furniture and fittings
10
Industrial carpets
10
Machinery and tools used  in an agricultural business
15
Vehicles and Means of Transportation*
Commercial motor vehicles
20
Motor cycles
20
Excavators, tractors,  bulldozers, self-propelled loaders and drums for petrol companies
25
Armoured cars (e.g. used by Security Services)
20
Specialised machinery for the laying of railroads
20
New airplanes
8
New helicopters
8
Sailing vessels
4,5
Motor Yachts
6
Steamships, tug-boats and  fishing boats
6
Ship launching  machinery  
12,5
New cargo vessels
8
New passenger vessels
6
Used cargo/passenger  vessels
Over their UEL
* Plant and machinery,vehicles (excluding private motor vehicles) and other assets acquired duringthe tax years 2012 - 2018 (inclusive) are eligible to accelerated taxdepreciation at the rate of 20% (excluding such assets which are alreadyeligible for a higher annual tax rate of tax depreciation).
Other
Televisions and videos
10
Computer hardware and  operating systems
20
Application software
33 1/3
Application software for less than €1.709 is written off in the year of acquisition
Wind Power Generators
10
Photovoltaic Systems
10
Tools in general
33 1/3
Videotapes property of  video clubs
50
Buildings*
Commercial buildings
3
Industrial, agricultural  and hotel buildings
4
Flats
3
Metallic greenhouse  structures
10
Wooden greenhouse  structures
33 1/3
* In the case ofindustrial and hotel buildings that are acquired during the tax years 2012 -2018 (inclusive), accelerated tax depreciation at the rate of 7% per annumapplies.
Personal Income Tax Rates
Fund
in Millions
Employer %
per Sq KM
Employee %
in Million of $
Self-employed %
in Million of $
Social Insurance
8,3
8,3
-
Social cohesion
2
-
-
Redundancy
1,2
-
-
Industrial Training
0,5
-
-
Holiday (exemptions apply)
8
-
-

The Social Insurance Scheme applies to all workers (employed and self-employed). Voluntary insurance is allowed to persons who wish to continue insurance after a prescribed period of compulsory insurance or to persons who work abroad in the service of Cypriot employers.

The maximum amount of insurable earnings for the purpose of payment of contributions is fixed by Regulations. This amount is usually revised every year. In case that the wage or salary is higher than the maximum amount of insurable earnings, no contribution is paid on that higher amount. The maximum amount for the year 2022 is €58.080 (monthly €4.840).

Deadlines for payment of contributions

Employers pay their contributions (including the employee’s share), by the end of the calendar month which follows the month for which contributions are due. For example, for January 2022 contributions must be paid by the 28th of February 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Self-employed persons pay their contributions quarterly within one month and ten days from the end of each quarter. For example, January-March 2022 contributions must be paid by 10th of May 2022. If the last day of the month is a Saturday, Sunday or a public holiday, the last day for the payment of contributions is the following working day.

Payment of contributions

Social insurance payments are made to the District Offices of the Department of Social Insurance. Social insurance payments can on the internet via the department's online Contributions Payment System known as SISweb. https://www.pay.sid.mlsi.gov.cy/

Additional charge for late payment

In case of delay in the payment of contributions by an employer, an additional charge must be paid to the Social Insurance Fund and the Social Cohesion Fund fixed as a percentage of the contributions due and rising progressively according to the time of delay. For the first month of delay the charge is 3% and increases by 3% for each month of delay, after the first month, up to a maximum of 27%.

Individuals can deductfrom the capital gain the following:
Annual wear and tear allowances on assets
Rate %
in Millions
Disposal of private residence (subject to certain  conditions)
€85.430
Disposal of agricultural land by a farmer
€25.629
Any other disposal of immovable property
€17.086
Table -  4 Column
Market value €
in Millions
Rate %
per Sq KM
Fees €
in Million of $
Accumulated fees €
in Million of $
Up to 85.000
3
2.550
2.550
85.000 – 170.000
5
4.250
6.800
Above 170.000
8
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