On the 19th of December 2019, the amendment of Article 14 of the Income Tax Law of 2002 to 2019 was announced in the Official Gazette of the Republic of Cyprus.

Article 14 of the basic law is amended by substituting in paragraph (ii) of sub-section (6), the phrase “one sixth” (second line) with “one fifth”.

According to the amendment that comes into force for the year 2019, the deduction for premiums and contributions is limited to 1/5 of the individual’s taxable income