Tax alert – Interpretative Circular in connection to the new incentives for first employment in Cyprus
November 9, 2022
On 1 November 2022, the Cyprus Tax Department issued the interpretative Circular 10/2022 ("Circular") in relation to the recently introduced incentives for first employment in Cyprus under articles 8(21A) and 8(23A) of the income tax legislation. For further details about the new incentives introduced, you can access here our alert issued earlier this year.
The Cyprus Tax Department's circular addresses the following topics:
- General clarifications regarding the applicability of the incentives introduced under Articles 8(21A) and 8(23A);
- Specific clarifications, interpretations of various terms, and guidance regarding the applicability of each incentive introduced under Articles 8(21A) and 8(23A); and
- Guidance through specific examples with regard to the incentives introduced under Articles 8(21A) and 8(22)A
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