Amendment of the General Health System Law of 2001 to 2020

November 25, 2022 / English News
Amendment of the General Health System Law of 2022, regarding the Exceptions of income for the purpose of paying contributions, as published in the Official Gazette of the Republic. Specifically, the amendment adds to the definition of the word “income” (of Article 2 of the basic law) the following text:

“excluding any lump sum or gratuity paid to employees in the public, wider public and private sector, from Provident Funds, Schemes or Pension Funds, as well as any income derived from the sources specified in paragraph (b) of subsections (1) and (2) of article 5, respectively, of the Income Tax Law in relation to salaried services of seafarers who are not permanent residents of the Republic”

(The relevant Decree is attache

Neoklis Epaminondou

Managing Director and Founder

Neoklis is the Managing Director and Founder of Epaminondou & Co Audit Services Ltd and Arlon Consultancy Ltd, bringing over two decades of experience in accounting, tax advisory, business consultancy, and relocation services. He is a licensed Audit Practitioner, an Approved Compliance Officer, a Payroll Specialist, and an ADIT student. Neoklis is renowned for delivering high-quality tax advisory services, alongside expert business analysis, risk assessment, and business relocation solutions.

In his advisory role, Neoklis has been instrumental in structuring M&A deals, conducting financial due diligence, preparing tax memos, and managing complex tax reporting for both local and international clients. He has also played a key role in assisting businesses with their relocation to Cyprus, leveraging the country’s attractive tax incentives as one of Europe’s leading business hubs.

Neoklis is a Fellow Chartered Certified Accountant (FCCA) and holds a Master’s in Finance and Investments from the University of Exeter. He is an active member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC). Additionally, Neoklis is an honorary member of the Cyprus Payroll Association, an approved mediator, and an educational trainer. Recently, he obtained the Approved Compliance Officer Certificate (AML) from AICA and successfully passed the Cyprus tax paper as part of the ADIT Qualification.