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Changes in VAT rates, Social Insurances and other taxes from January 2014

 
10/01/2014

Increase in Cyprus VAT rates

The standard VAT rate increases from 18% to 19% from 13 January 2014.

The reduced VAT rate of 8% increases to 9% from 13 January 2014 onwards. All the other reduced VAT rates of 5% remains unchanged.

Increase in excise taxes

Increase in excise taxes on motor fuels by EUR 0,05 cents per liter.

Special Contribution on gross monthly salaries/pensions on Private Sector Employee's

From 1 January 2014, the relevant bands of the special contribution change as follows:

Monthly Salary or Pension   % of Special Contribution
€ 0 - €1.500   0%
€ 1.501 - €2.500   2,5% (minimum €10)
€ 2.501 - €3.500   3%
€ 3.501 and above   3,5%

The Special Contribution continues to be born equally by the employer and the employee.

Increase in Social Insurance Contributions

As from January 2014 the rate of Social Insurance Contributions increases to 7,8% (currently 6,8%) for both employers and employees. For self-employed persons and voluntary contributors the contribution will be also increased to a total of 13,6% (currently 12,6%).

 

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