Example of personal tax computation for 2023

	EUR
Salary (EUR 5,885 monthly)	70,620
Rent receivable (from buildings)	5,000
Interest receivable	700
Dividend income	600
Social insurance contributions	5,005
General health system contributions	2,038
Life insurance premiums	8,500
Insured sum	100,000
Provident fund contributions	3,000
Donations to approved charities (with receipts)	300

Taxable income computation

	EUR	EUR
Salary	70,620
Rent receivable	5,000
Interest receivable (exempt)	0
Dividends receivable (exempt)	0
Total income		75,620
Less: Deductions:
Donations (with receipts)	300
20% of rent income	1,000
Total deductions		1,300
Net total income		74,320
Less: Contributions and premiums:
Social insurance contributions	5,005
General health scheme contributions	2,038
Provident fund contributions (EUR 3,000 < 10% of EUR 70,620)	3,000
Life insurance premiums (restricted to 7% of the insured sum; 7% @ EUR 100,000 = EUR 7,000)	7,000
Total social insurance contributions, general health scheme contributions, provident fund contributions, and life insurance premiums are restricted to 1/5 of net total income (EUR 17,033 restricted to 1/5 of 74,320)		14,864
Taxable income		59,456

 Tax payable computation

	EUR	EUR
Income tax payable:
First EUR 19,500 @ 0%	0
Next EUR 8,500 @ 20%	1,700
Next EUR 8,300 @ 25%	2,075
Next EUR 23,156 @ 30%	6,947
Total income tax payable		10,722
Special Defence Contribution (SDC)*:
Dividends receivable (EUR 600 @ 17%)	102
Interest receivable (EUR 700 @ 30%) (17% as of 1 January 2024)	210
Rent receivable (EUR 5,000 @ 2.25%)	112
Total SDC		424
Social insurance contributions		5,005
General health system contributions		2,038
Total tax payable		18,189

* See Special Defence Contribution (SDC) in the Taxes on personal income section. The individual in this example is both Cyprus tax resident and Cyprus domiciled for the purposes of the SDC.