Information about Cyprus Minimum wage and taxes.

Information about minimum wage and taxes in Cyprus is as follows: The minimum wage in Cyprus is determined by the Minimum Wage Law. As of 2021, the minimum wage in Cyprus is 870 Euros gross. This amount represents the minimum amount a full-time employee should receive monthly. Employees in Cyprus pay income tax depending on their income. Income tax rates are graduated based on income earned. For example, as of 2021, tax rates ranging from 0% to 20% are applied for income between 0-19,500 Euros. If income is 19,501 Euros or more, a 30% tax rate is applied. Pension insurance premiums are also paid in Cyprus. Pension insurance premium is paid as a percentage of the salary of both the employee and the employer. As of 2021, the employee's retirement insurance premium is

6.8% and the employer's premium rate is 8%. Other taxes include VAT (Value Added Tax). As of 2021, the standard VAT rate in Cyprus is 19%. However, lower rates are also applied for some goods and services. The above information is provided to provide an overview. It is important that you consult the opinions of competent institutions and experts to get more detailed information about taxes and minimum wage in Cyprus.