Payroll has never been easier

Premier Payroll, which is designed for Cypriot legislation.

Employee name, ID, address, social insurance number, TIC number, employment contract details, and IBAN for salary payments.

Every employee in Cyprus is insured under the Social Insurance Scheme. The contribution rate is 17.9% (8.8% paid by the employer, 8.8% by the employee).

Employer: 8.8%, Employer Redundancy Contribution: 1.2%, Employer Training and Development Contribution: 0.5%, Employer Social Cohesion Contribution: 2%, Employee Contribution: 8.8%, Self-employed Contribution: 16.6%.

Employers must withhold employees’ personal income tax through the PAYE (Pay As You Earn) system and submit payments to the Tax Department by the end of the following month.

Social insurance contributions must be paid by the end of the following month, and PAYE by the end of the following month.

Social insurance late payments incur a 3% penalty per month (up to 27%), while PAYE late payments incur a 5% penalty on the tax due.

Employers have to withhold their employees’ personal income tax through the PAYE (Pay As You Earn) system and report and submit the withheld amounts to the Tax Department by the end of the following month

GHS provides universal healthcare in Cyprus. Contribution rates: Employees (2.65%), Employers (2.9%), Self-employed (4%), Pensioners (2.65%), State (4.7%).

Employers (2.9%) and employees (2.65%) on gross salaries up to €180,000, with additional payments for other income sources.

No, Cyprus ensures equal treatment.

• 20% exemption of gross salary or €8,550 (whichever is lower).
• 50% exemption for salaries over €100,000 (valid for employment between 1/1/2012 – 25/07/2022).
• 50% exemption for first-time employment with salaries over €55,000.
• Relocation expenses – not considered a benefit in kind – €9.000 (maximum) or the actual cost supported by invoices.

PAYE is calculated on estimated taxable income at the start of the year and divided into 12 months.

Employer is liable to pay contributions to the Social Insurance, Annual Holidays with Pay, Redundancy, Human Resource Development and Social Cohesion Funds for each of his employees, whose remuneration is not less than €2 per week, if the employee is paid every week or not less than €7 per month if he is a salaried employee.