Finland Tax ReliefThe employer is obligated to deduct tax at source from an employee and to make additional contributions to social security.
- All forms of relief apply only to Finnish residents.
- The following amounts are subject to the definitions in law:
|Class of Relief.
|Amount - EUR.
|Interest on a loan.
|Allowable when deducted from capital gain.
|Standard deduction for an employee.
|Travel to and from work.
|Up to EUR 7,000
|Fully allowable for an employee.
|Compulsory social security payment.
|Optional social security payment.
|Allowable to a limit.
|Individual Relief (2001)
|Amount - CYP
|If agreed, to a limit of CYP 20,000.
Over CYP 20,000 - 50% of the amount
With no agreement, between CYP 5 - 150, depending on the monthly income.
|Up to 1/6 of the taxable income.
|An allowance of CYP 500 for a child under the age of 16 who is not working or studying.
An allowance of CYP 1,500 for a child who is studying at an institute of advanced studies.
An allowance of CYP 500 for a child who is serving in the national guard.
|Old age allowance
|An allowance of CYP 1,500 is granted to any person over the age of 65.
|A reduction of CYP 500.
|Professional membership dues
|The entire amount is allowable
|On a loan for a residence up to CYP 500
Other interest, up to CYP 100.
|Income from rent
|20% of the income is tax exempt.
Greece Tax Exempt IncomeThe following are eligible for an exemption from income tax on the forms of income specified:
- An individual's income up to CYP 6,000 per resident.
- An individual who receives a pension in Greece from overseas employment, to a limit of CYP 2,000.
- Interest on an individual's income from a government savings plan or from a mortgage company.
- Bank interest paid on deposits from overseas by a Cypriot bank to a foreign resident who is resident in Greece.
- Part of capital gains that are received by an individual on the sale of real estate - see under the heading "Capital Gains" for fuller details.
Business Deductions 2018
- Offset of losses - A loss may be offset forward for 10 years ,restricted if more than 50% of the company's shares are transferred in the year of loss. There is no carryback for losses.
- Transactions between affiliated parties when the sum of the transaction is significantly higher than the market price are not allowable.
- Thin Capitalization - In general interest expense between related companies is deductible up to 25% of the income subject to certain exemptions.
- Consolidated Returns -Such returns are not allowed in Finland subject to certain terms.