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.
VAT:
From 13 January 2014 please be aware of the Increase in the standard VAT rate from 18% to 19%.
Formation of Cyprus IBC
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Advantages of Cyprus IBC
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