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Income Tax Calculator


Use our Income Tax Calculator to figure out how much you could additionally be setting aside every year for pension contributions in order to maximise your tax allowance.

  • Income
  • Deductions
  • Allowances
Gross annual salary income
Gross annual rental income
Contributions to trade unions or professional bodies
Donations to approved charities
1st Employment in the Republic of Cyprus
Annual provident fund or pension plan contributions
Annual private medical premiums
Life insurance
Insured amount
Annual premiums

Results

Gross annual salary income 70,000
Gross annual rental income 5,000
Expenses on Rented Property (20% of Gross Rental Income) 1,000
Contributions to trade unions or professional bodies
Donations to approved charities 300
1st Employment in the Republic of Cyprus 8,550
Social Insurance contributions (8.3% of Salary Income)
General Healthcare System contributions (2.65% of Salary Income) 1,275
Annual provident fund or pension plan contributions (up to 10% of Gross Salary Income) 2,000
Annual private medical premiums (up to 1.5% of Gross Salary Income) 1,050
Life Insurance Premiums (up to 7% of the insured sum) 3,000
First 19,500 at 0%
Next 8,500 at 20% 1,700
Next 8,300 at 25% 2,075
Next 23,700 at 30% 7,110
Remaining 1,839 at 35% 644
By saving additional 2,879 per year in a tax-efficient pension plan like the Ancoria Pension Plan you will manage to decrease your Income Tax by up to 956 per year!
Congratulations! You have taken 100% advantage of your tax allowance for the year.

If you want to save more, please have a look at our Ancoria Life Policy.
Your gross taxable income does not exceed the tax-free threshold of so you don’t need to worry about income tax!

If you still want to save for optimal financial planning, please have a look at our Ancoria Life Policy.

Find out more about the Ancoria Pension Plan

Disclaimer
This income tax calculator is designed to help you gain an understanding of how much you could be setting aside every year for retirement in order to maximise your tax allowance, based on answers to questions about your income, deductions and allowances. The results are being provided in the form of a calculation of the available amount for saving in registered provident funds or pension funds, or in approved class VII pension plan schemes like the Ancoria Pension Plan, based on the details you have provided. The results are being provided to you for illustrative purposes only and their accuracy is not guaranteed in any way; your actual income tax figure may differ significantly. Ancoria Insurance Public Ltd (“Ancoria”) makes no representations in respect of the accuracy, completeness or correctness of the results and does not accept any liability for any tax planning strategy or transaction pursued on the basis of the results generated by this calculator. The results are not intended to be relied on for the purpose of making decisions concerning tax planning. It is very important that you accurately assess your overall situation and needs with a financial advisor prior to making such decisions. This calculator and the information or material contained in it do not constitute an offer to sell Ancoria products. Furthermore, it is not intended to provide, and must not be perceived as providing, advice on behalf of Ancoria. Ancoria reserves the right to modify the calculator’s questions and results at any time without notice.

European Union Republic of Cyprus Structural Funds
The project was submitted under the Digital Transformation for Business Program and is co-funded by the European Regional Development Fund and the Republic of Cyprus.