cyprus-tax-calculator

This repo constains the R code for calculating the personal income tax in Cyprus.

The deduction of income can be divide into three parts:

1. Tax

   Income tax is levied on a progressive rate. The tax brackets are:¹

   Annual income	Tax rate
   In between €0 and €19500	0%
   In between €19500 and €28000	20%
   In between €28000 and €36300	25%
   In between €36300 and €60000	30%
   In excess of €60000	35%

2. Social Security Contributions

   As of 1 January 2019, the employees' own contribution to the state-administered social insurance fund is 8.3% of their gross remuneration, with a maximum annual cap on insurable emoluments as of 1 January 2023 of EUR 60,060. ²

3. General Health System

   As of 1 March 2020, the contribution rates for employees is 2.65%.³

Footnotes

1. Taxation in Cyprus - wikipedia ↩

2. Worldwide Tax Summaries - pwc ↩

3. How is the GHS financed? - ghs ↩