Cyprus Mail

Extension of tax breaks for innovative investors

The cabinet on Wednesday approved an 18-month extension to a scheme affording tax breaks to individuals investing in innovative enterprises either directly or through investment funds.

The scheme was extended until June 30, 2021, a finance ministry statement said.

The scheme came into force on January 1, 2017 as part of a policy to boost entrepreneurship in Cyprus.

It expired at the beginning of this month.

The ministry has so far approved 39 entities whose investors can benefit from the tax breaks.

Eligible individuals must be independent investors funding a small or medium innovative enterprise either directly or through a fund.

The deductible amount must not exceed 50 per cent of the taxable income of the individual during the year in which the investment is made.

The deductible amount must not exceed €150,000 per year.

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