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On 19 December 2019, an amendment of Article 14 of the Income Tax Law of 2002 was published in the Official Gazette of the Republic of Cyprus. The amendment increases the limit of allowances from 1/6th to 1/5th of an individual’s taxable income. According to the amendment, the deduction for premiums and contributions has been set to a maximum of 1/5th of the individual’s taxable income.
Discover more: Cyprus amends limits for personal tax allowances
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