News & Updates

CYPRUS SOCIAL INSURANCE AND TAXATION FOR PAYROLL

Social Insurance Contributions for the Employee and Employer

The rate of Social insurance contributions is applied to a maximum level of emoluments. The maximum level of emoluments for 2015 and 2014 is €54.396 (weekly €1.046/monthly €4.533).

The rate of 7,8% applies for both the employer and the employee up to 31 December 2018.

Other employer’s contributions:

Social cohesion fund 2,0 Redundancy fund 1,* Industrial training fund 0,5 Holiday fund (if not exempt) 8,0

Special Contribution  Employee €
First 1500	Νil
From 1501 – to 2500	2,5% (minimum €10)
From 2501 – to 3500	3,0%
Over 3500	3,5%

 

Income Tax
Chargeable income €	Tax rate %	Accumulated tax €
First 19500	Nil	Nil
From 19501 – to 28000	20	1700
From 28001 – to 36300	25	3775
From 36301 – to 60000	30	10885
Οver 60000	35