IR59 for the Tax Year 2013

Upon completion of this declaration up to part Β11 (excluding lines Α1, Α4, Α6 Β8 and Β9), submit this form to your employer for the calculation of tax to be deducted from your emoluments. If the form is not completed, no tax allowances will be granted to you by your employer.Complete line Α1 in the second column with the estimated income for the year. Income includes, salary, wages, overtime, bonus, allowance, share of profit, perquisite, fee, commission or pension and the annual value (determined at the current market rates) of any residence, quarter, board or perquisite or allowances granted in respect of employment whether in money or otherwise (Article 6(3) of the Assessment and Collection of Taxes Act, 4/78 as amended). In Α1 also enter the deemed benefits stipulated by the Income Tax Law 118(I)/2002 as amended.

If you have income from rents enter the annual rents. You must submit a temporary declaration for these (I.R.5), by the end of July of the year, and pay the relevant tax on the due dates.

Enter any income for the year from other sources. For instance, income from a previous employment, pensions, partnership, income from buildings under preservation order, trade, interest, dividends and the redemption of life insurance policies. In the case of a redemption of a life insurance policy within three years from the date of the policy, thirty percent of the premiums for which a deduction was given (30%) is added to your taxable income, in cases where the redemption occurs during the forth, fifth and sixth year from the date of the insurance policy, twenty percent (20%) of the premiums for which a deduction was given is added to your taxable income.

Total of A1 to A3

Enter any amounts included in Α3 that are not taxable, such as income from buildings under preservation orders, interest and dividends and certain pensions (the pension given to the President of the Republic and part of the pension given to the President of the House of Representatives upon their retirement from office, the pensions and special grants given by virtue of the Relief of Suffered Laws and widows’ pensions given by virtue of the Social Insurance Law).