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TAX ALERT – 2014

According to Law 170(I) of 2012 (No.4) amending the Social Insurance Law of 2010, the following provisions will be enforced:

As from January 1st 2014:

Social Insurance

The rate for the calculation of the Social Insurance contribution for the employee and the employer is increased to 7,8% from 6,8% on the insurable amount.

*The maximum amount that applies for 2014 is €54.396 (weekly €1.046/ monthly €4.533)

Special Contribution

The following Special Contributions are payable according to monthly income of a salaried employee:

For any further information you need in connection with the above please refer to Nicoletta Demetriou at our Limassol office.