Taxation in Australia

Cyprus' Cabinet approved several important measures on Wednesday, including a bill on tax rebates for businesses for energy upgrades, an extension of the tax payment deadline and a suspension of the obligation to file tax returns for individuals with a taxable income below 19,500 euros.

The new cycle of subsidies for tourism investments has begun, only this time it excludes business plans on Mykonos and Santorini.

It includes tax subsidies and other incentives, and depending on the size of the business and the region where the business plan is developed, provides help from 25% to 75%.

The Finance Ministry and the tax administration are looking for solutions so that professionals stop hiding their actual incomes - i.e. taxable material - through fictitious expenses. 

Businesses that have increased their staff for at least three months in 2022 will this year be exempt from the business tax known as the fee for practicing a profession ("telos epitidevmatos").

The government is attempting to support young freelancers in their first professional steps through a favorable tax framework.

In this context, new self-employed people will be taxed on their 2022 income at a rate of 4.5% - i.e. at a rate that is 50% lower than that which applies to the first tax bracket.

The British island, located off the coast of France, has no capital gains or inheritance tax

Annual rates in US

All incomes from a series of sources should be taxed in the same way, according to an action plan prepared by the committee of experts led by Nobel Laureate Sir Christopher Pissarides.

In order to help bring the sector of renovation services out of the grey economy, in which no income is declared, the Ministry of Finance offers a discount on taxes when repairing a home, Club Z reports. The discount can reach up to BGN 200, according to a bill published by the Ministry.

As many as 16 changes are being introduced from January 1 in the taxation of all households, enterprises and property owners, mostly concerning reduction that will significantly alter the landscape for local taxpayers. They are the following: