We would like to kindly remind employers to provide to their employees the TD59 for 2023 and request their employees to complete the TD59 for 2023.
In case an employee has additional income and additional tax arises, the employer must have the correct TD59 completed.
At the beginning of every year, all employers must secure from their employees the TD59 form properly completed and signed. This is to provide the employer the necessary information so as to compute the income tax (PAYE) to be deducted from the salary of each employee.
The completion of IR 59 is compulsory for all employees (full-time and part-time). Please note that this applies only to employees and does not apply to sub-contractors.
NOTES TO COMPLETE THE TD59
The employees must fill in parts Α3, Α4, Α5, Α7, Α9 and , B1 – B5 and B7, B9 (i.e. complete all sections apart from A1, A2, A6, B6, B8 and B10).
A3 – Is for pension from social insurance and social insurance widowers’ pension with normal rates
A4 – Is Gross Rental Income
A5 – Is for any other income from previous employment, pension, income from partnership, profit from self-employed activities etc. (see note 4. In form)
A7 – Is for tax exempt income you have included in A5 above, such as income from interest, dividends and some pensions that have alternative tax basis.
A9 – Is for pension benefit received from the employer – tick the box if you would like this to be taxed separately
B1 – is for Subscriptions to unions and/or professional bodies.
B2 – Is for the allowance for first employment in the Republic.
B3 – is allowances and deductions for rental income.
B4 – Reduction of salaries and pensions Law 168(I) of 2012
B5 – is for other allowable deductions such as charities.
B7 – Contributions to pension funds, provident funds, Social Insurance and medical or health insurance contributions others from those withheld from this employer
B8 – Employees National Health Contributions others from those withheld from this employer
B9 – is for life insurance contributions for the year provided it does not exceed 7% of the life insurable amount and provided all contributions from B7 to B9 do not exceed 1/5 of the taxable income. (i.e. 1/5 of B6)
B10 – is for investments in innovative companies
Attached is the TD59 2023.
Please see the notes on the back of the form for further clarifications.
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