The Taxation Authority has recently unveiled the 2024 edition of Form T.D.59, known as the “Claim for Allowances” document, essential for the upcoming tax year. This pivotal form is now accessible through their official website, and it plays a crucial role in the tax filing process for both employers and employees.

Employers are entrusted with the responsibility of distributing Form T.D.59 to their workforce. It’s imperative for employees to fill out this form with diligence, ensuring the accuracy of their worldwide income and any deductions they wish to claim. This meticulous process is slightly different for non-tax-resident employees, who need only report their income derived from Cyprus, along with any relevant deductions specific to their situation.

Once completed, these forms must be signed and returned to the employer, who is then tasked with keeping these documents securely on file. These records are of significant importance and may be required for inspection by the Tax Commissioner at any future point.

Should you find yourself in need of further details or clarification, Stavrinou & Co remains at your service, ready to assist with any queries you might have regarding this process.