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Parliament Votes To Expand Framework For Attracting Companies
July 15, 2022
Cyprus Parliament, with 50 votes in favour and one abstention, approved into law two amending bills aimed at expanding the framework for attracting companies to Cyprus.
With the approval of these two laws, the package of tax measures included in the Strategy for Attracting Businesses to Activate and/or Expand their Activities in Cyprus, as approved by the Council of Ministers, is completed.
The Plenary approved the amendment of the Law on Income Tax, expanding the scope of the existing framework of exemption from income tax of 50% of a person's remuneration from their employment in the Republic, in case they were a non-resident before their employment.