Is it necessary to pay contributions to the GESY for citizens and permanent residents of Cyprus, whose income does not exceed 19,500 euros? They don’t fill out income tax returns. How to deal with contributions to the GESY in such a case? This question was answered by George Katsudas, Head of Accounting at M.TARGET GROUP.
The expert explains: the responsibility for contributions to the GESY starts from the first euro of income. Depending on the type of income, payments are made either to the Social Security Fund or to the Tax Department of the Republic of Cyprus. Payments go through the online payment system of the Social Security Fund or through JCC Smart. The amount of EUR 19,500 is the threshold for income tax and is not related to payments to the GESY.
M. Target Group remains at your disposal for any assistance with meeting the above deadlines as well as for any additional information or clarifications.