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Incomes and cost of living

The main items of taxable personal income are income from employment and income obtained by self-employed persons for their services. 

Income from capital investments includes the following: 

  • receivable rents; 
  • receivable dividends.

Cyprus has indirect taxes such as VAT, for which the rate is 15%.

Other forms of taxable income include pensions, any one-off payment made as an end of service gratuity, compensation for death and bodily harm and unemployment income. 

Cost of living

The inflation rate in Cyprus in 2003 was 4.1%. The unemployment rate was 3.5%.

Information on these matters is available on the websites of the Central Bank of Cyprus, the Statistical Service, the Ministry of Finance and the Cyprus Consumers' Association.

 
Source: European Union
© European Communities, 1995-2007

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Oil in Cyprus What is a common fact between Saudi Arabia, Kuwait and Cyprus ? Their OIL deposits! Yes thats right, it has been reported that Oil deposits exist in Cypriot south sea space. The Cypriot government has not yet exploited them, but is a step to be taken soon.