The corporation tax rate in Cyprus is 12.5% (flat rate). Exemptions Machinery and installations, furniture and fittings, television and video sets (1) 10 Agricultural machinery and tools 15 accelerated tax depreciation at the rate of 20% per annum. 2. Industrial and hotel buildings acquired during the tax years 2012-2016 (inclusive) are Personal income tax rates TaxableTax Cumulative Income Rate Tax Tax € % € € 0 - 19.500 0 0 0 19.501 - 28.000 20 1.700 1.700 28.001 - 36.300 25 2.075 3.775 36.301 - 60.000 30 7.110 10.885 60.001 and over 35 Exemptions The following are exempt from income tax: Exemption • Dividend income The whole amount Furniture and fittings: Furniture and fittings including electrical fittings: 10.00%: Plant and machinery: 1: Plant and machinery excluding those covered by sub-items (2), (3) and (8) below: 15.00%: 2: Motor cars, excluding those used in a business of running them on hire, procured or put to use on or after April 1, 1990: 15.00%: 3(i) Aeroplanes, Aero Engines: 40.00%