Cyprus: Worked Example of Tax on Rent
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Last Updated: Sep 29, 2006
Tax Example: Rent
| Non-resident couple's joint monthly rental income1 | €1,500 | €6,000 | €12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less Standard Costs (20%)2 | (3,600) | (14,400) | (28,800) | |
| = Taxable Income | 14,400 | 57,600 | 115,200 | |
| Income Tax Rates3 | ||||
| Up to CYP10,000 | nil | - | - | - |
| CYP10,000 – CYP15,000 | 20% | - | 3,482 | 3,482 |
| CYP15,000 – CYP20,000 | 25% | - | 1,340 | 4,354 |
| Over CYP20,000 | 30% | - | - | 13,662 |
| Annual Income Tax Due | - | €4,822 | €28,029 | |
| Tax Due as % of Gross Income | nil | 6.70% | 19.46% | |
Thanks to: |
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DISCLAIMER: The information contained above is marketing material only and is not written tax advice directed at the particular facts and circumstances of any person and should not be relied upon. We encourage you to discuss your particular situation with us or an independent tax advisor. This information was last updated on September 29, 2006.
Notes
1 The property is jointly owned by husband and wife, but then taxed separately (50% upon each partner).
2 A standard deduction of 20% of the gross rental income is allotted for income-generating expenses.
2 Exchange rate as of 20 June 2006: €1 = CYP0.57423.
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