Tax income and tax exempt

I spoke to a friend of mine who is heavily into stocks and shares and he confirmed that they are tax exempt

As for completing a tax return they are all done online now although at present there is no requirement to complete and submit one if your income  is below €19500 per year but you can do one if you wish to do so even if it’s a nil return  but  be advised it is planned to be mandatory for every tax resident to complete one even  if it’s a nil return . It just hasn’t been invoked yet

Does your friend do audited financial statements?

Because I read that if your turnover (not profit), is more than 70000 euros self-employed and companies have to do it. I don't know if this the case for individuals.

I also found this on the Guidelines for the submission of the Income Tax Return:



I don't know if they are talking about trading of selling securities or other kind of trading that is not tax exempt. Like selling cars, etc...

I sell and buy securities once or twice a week. But I don't know if that's considered "regular basis". Because if it's considered regular basis then I would have to fill the income tax as self-employed and then do audited financial statements.

I guess then that it's gonna be mandatory to submit income tax return for 2021, right?

I don’t know but will be seeing him tonight so can only ask

It may be best to contact the tax authorities here to get the information you require

this article may help you

https://www.mondaq.com/cyprus/capital-g … ome%20Tax.

also

https://www.pwc.com.cy/en/publications/ … h-engl.pdf



my friend says the profits made on his sales/trades of stocks & shares are regarded as capital gains and capital gains are tax exempt

When you sell investments—such as stocks, bonds, mutual funds and other securities—for a profit, it's called a capital gain. When you file your annual tax return with the Internal Revenue Service (IRS), you owe taxes on the capital gains you've earned from selling
I would advise you to check with the Tax dept before doing anything,get iot formthe horses mouth

Good luck