Social Insurance increase on 01.01.2014
The Social Insurance Services announced an impose of 1% on top of the increase that is expected on 01.01.2014
As from the 1st of January 2014 the Social Insurance Services decided to impose an additional 1% for the contribution to the Social Insurance Fund on top of 1% that was already decided.
As from 01/01/2014 employers and employees should contribute increased 1% per party. Self –employed should contribute 2% more.1.The contributions for employees are changed to 20,2% from which 7,8% will be from the employee, 7,8% from the employer and 4,6% from the Total Contribution of the Republic, beginning from 01.01.2014.2.
The contribution percentage for employees covered from professional pension plan without contributing to it, are changed to 20,2%, from which 3,95% from the employee, 11,65% from the employer, and 4,6% from the Total Contribution of the Republic, beginning from 01.01.2014.3.
The contribution percentages for self-employed are changed to 19,2 % from which 14,6% from the self employed, 4,6% from the Total Contribution of the Republic, beginning from the first Monday after the 01.01.2014.
From 13 January 2014 please be aware of the Increase in the standard VAT rate from 18% to 19%.
Cyprus maintains and enhances its competitiveness as a reputable international financial center and distinguishes itself from the infamous tax heavens.
Read further advantages for the formation of International Business Companies in the island of Cyprus.