Today am taking the opportunity to inform you about the updates on Cyprus tax legislation, which took place in November 2019 and are already in force.
Currently, employees who are tax residents can take advantage of the new benefit given by the Cyprus authorities.
Taxable income allowance benefit which is deductible from the tax scales is increased from 1/6 to 1/5, from 16.6 % to 20 %. As a result, Cyprus tax residents have now the advantage to combine life savings insurance with coverage and benefited tax refunds – with an individual insurance plan.
E.g., Income 60,000 * 20 % = 12,000
12,000 – 4,573 {social securities + GESY 1,590 + 300 Donations} = 5,537 maximum margin for life saving insurance.
5,537 insurance savings plan for pension/investment etc. = Benefits, such as:
- 1,938 tax return = Less tax payable
- savings to insurance 5,537
- net cost 3,539 (5,537 – 1,938)
- whole life coverage for loss of life
- waiver of premium in case of disability
- other benefits can be included
TAX RETURN / SAVINGS / PROTECTION
We can advise you for a taxation system/ analyses your personal situation and assist you to calculate your tax margin and consult how you can avoid additional tax and benefit on a long-term basis.
If you are interested, contact us as soon as possible, to gain a tax return before the end of the year. contact@insuranceideal.com.cy; (+357) 99 354 057 or find us on Ideal Insurance Cyprus social media profiles and pages on Facebook, Twitter, LinkedIn, and YouTube.
INSURE YOUR FUTURE, TODAY!
