Key Elements Of The Guide
The publication offers detailed insights and resources, including:
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
- An editable PDF version of the Tax Deductions Claim Form (Τ.Φ.59) for the 2026 fiscal year;
- An explanatory manual outlining the application of the tax reform for individual taxpayers residing in Cyprus starting from 2026;
- A section featuring Frequently Asked Questions and corresponding answers, with updates to be provided as needed;
- Practical examples demonstrating the application of the tax reform for individual taxpayers, with additional scenarios to be added over time.
Expert Insight And Upcoming Tools
Tax Officer Sotiris Markidis, in an interview with the publication “F,” underscored the guide’s role in helping taxpayers navigate the new legal framework set to take effect on January 1. Mr. Markidis also announced the imminent launch of an Income Tax Calculation Tool. This innovative tool will allow users to enter their income across various categories as well as applicable deductions (including allowances and exemptions). Based on one’s personal status—whether single, part of a family, or a single-parent household—the tool will display the income tax amounts before and after the reform, clearly highlighting the tax benefits inherited from the new structure.
Action Required From Employers
Markidis advised employers, particularly those whose employees are impacted by the revised tax policies and new personal deductions, to review the manual, FAQs, and provided examples carefully. He recommended that they complete the Tax Deductions Claim Form (Τ.Φ.59) for the 2026 fiscal year at the earliest opportunity and deliver it to their employers to ensure the prompt implementation of the updated income tax withholding parameters.
