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Tax Benefits in Cyprus are available to most households across the island and to full-time students, married students, and parents of dependent students among many other people. When speaking specifically on the effectiveness of Tax Benefits Cyprus, we have to take into consideration the different salaries that normally includes wages, perquisites, annuity, commission, pension and any other payment received by an employee from the employer received during the year.
Arrear salary: If salary is received in arrear or in advance, it can be spread over the years to which it relates and be taxed accordingly as per section 89(1) of the Income tax Act. Leave encashment: Leave encashment while in service is taxable. Leave encashment received at the time of retirement is fully exempt in the case of Government Servants. In the case of non-govt.
Most allowances are taxable like city compensatory allowance, tiff in allowance, fixed medical allowance and servant allowances; encashment of any concession is also taxable.
For accounting offices that copes with taxation services please search Cyprus accounting offices, or click here.
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