Individuals are now able to complete their tax returns for 2019 online through the Taxisnet portal. The deadline for all individual taxpayers to fill out the online forms is October 30, 2020.

If Individuals have not already done so from last year, they must register with the Tax Department and proceed accordingly with the completion of their tax return.

The following Personal income tax rates apply to individuals:

Bracket Annual Chargeable Income Rate        Accumulated tax
1 up to €19 500 0%                NIL
2 €19 501 – €28 000 20%             €1700
3 €28 001 – €36 300 25%             €3775
4 €36 301 – €60 000 30%             €10885
5 €60,001 and above 35%


In the case that the calculations come out to you having overpaid your taxes after submitting your form, a tax refund will be processed by the Tax Department in due time.

Please ensure that your IBAN number and Swift code of your Bank are properly included on the relevant field on the return.

In the case that the calculations conclude to a tax payable, you will need to proceed with the settlement via the Tax portal.

Important Note : According to Circular 46 of Income Tax Legislation (dd 20/08/2020) as of 2020 any individual with any income is obliged to submit personal Income Tax Return revising via taxisnet by the due date , which going forward will be the 31st of July following the year of the assessment.

At Fairfax, we can simplify this process for you and your staff.

Explore the benefits of engaging our team to assist your personnel through this process by contacting us on +357 25558025 or at accounts@fairfaxyeaman.



A new public transport system was recently launched in Cyprus to expand the Bus network across Cyprus and bring it up to European standards. The newly created Cyprus Public Transport was established by the MLKP consortium comprising of Malta Public Transport and Kapnos Airport Shuttle Ltd and is serving routes in Nicosia and Larnaca as of 4th July 2020. The contract for the services was awarded by the Cyprus Ministry of Transport and is for the next ten years.

Malta Public Transport Chairman, Felipe Cosmen, commented on the launch of operating a public transport service in Cyprus: “Thanks to our success in Malta we just launched a similar bus service in Cyprus which started to operate last weekend. We have managed to export the successful public transport model from Malta to another European country.”

GRS Group the leading recruitment, payroll and Outsourcing company in Cyprus, was selected for its high-quality service and experience with large Outsourcing projects in the Energy, Retail, Banking, and Construction sectors. Lorraine Piggott Brown, Senior Operations Manager said ‘having worked in a number of industry horizontals in Cyprus we were delighted to be partnering with CPT as it was our first Outsourced Project in the Transport sector in Cyprus’.

The project began just before lockdown and involved the transfer of over 650 employees to the new company which involved face to face meeting across Cyprus. However, as the pandemic spread and became more serious, face to face meetings had to be replaced; innovation and technology took over.  Project Manager Annita Paliou said ‘it happened very quickly, and we had to think on our feet as the Health & Safety of the CPT & GRS staff was off paramount importance. As things developed, we realised that we would have to replace the face to face meetings and use a blend of technology including What’s App, Viber, Zoom and Microsoft Teams’. Organization on the project was key to ensure the 4th July deadline was met  and all the information and paperwork for each staff member had been gathered, recorded and processed  to ensure a seamless transition for the employees to the new company Cyprus Public Transport.

With the 4th July target achieved successfully and the employees on-boarded by GRS it was the then over to Fairfax, a member of the GRS Group to take over, as they were selected as the outsourced payroll provider to run and manage payroll for the new company and its employees.

The CEO of GRS Group, Steve Slocombe, commented on the partnering with CPT “We are extremely pleased to be offering our expertise and services to such a premium client. With the advent of Covid we faced some unprecedented challenges with the project but due to our organised and agile approach we turned the project into a success. This of course was all down to the project team and I would personally like to thank them all: Lorraine, Annita, Christiana, Laura S and Laura C for their outstanding performance and resilience in such a strange and difficult time.”

If you would like to learn more about how your business can benefit from our Outsourcing Services please contact Steve Slocombe /Lorraine Piggott Brown at : Limassol 00357 25342720 Nicosia 00357 22769369