Cyprus: Law Revises OAY Contribution Return Process from 2025

The Plenary voted into law a modification to the process of returning contributions paid to OAY exceeding €180,000, for the contribution year starting on or after January 1, 2025. The return will be carried out by the Tax Commissioner, according to the provisions of the Tax Assessment and Collection Law, instead of by the OAY.

For contribution years up to December 31, 2024, the contribution amount exceeding €180,000 will continue to be returned by the OAY, according to the existing procedure.

The bill is technical in nature and is expected to contribute to a faster and more efficient processing of the contribution return process. The Tax Department is in the process of adjusting automation systems in cooperation with the OAY.

Source: CNA