Amending Law On Article 8(23A)

On 30 June 2023, an amending law with regards to Article 8(23A) of the Cyprus income tax legislation was published in the Official Gazette of the Republic of Cyprus. The amending legislation has a retrospective effect, as from 1 January 2022.

As per the amending law, various changes have been introduced with regards to the conditions for eligibility of the 50% exemption from income tax for first employment in Cyprus.

It should be noted that as a result of its retrospective application, special provisions have also been introduced for individuals who were eligible for the 50% exemption under the initial Article 8(23A), as it was in place prior to the publication of the amending law, but do not satisfy all the conditions under the amended Article 8(23A).