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.||750 EUR.|
|Travel to and from work.||Up to EUR 7,000|
|Professional literature.||Fully allowable for an employee.|
|Compulsory social security payment.||Allowable.|
|Optional social security payment.||Allowable to a limit.|
|Individual Relief (2001)||Amount - CYP|
|Donations||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.
|Life Insurance||Up to 1/6 of the taxable income.|
|Child allowance||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.|
|Life partner||A reduction of CYP 500.|
|Professional membership dues||The entire amount is allowable|
|Interest||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.