Cyprus tax free bracket raised

The Cyprus House of Representatives approved part of the proposed social cohesion measures. Amongst other measures, the House approved the increase of the tax-free annual income ceiling for physical persons to CYP 10.750 or EUR 18.368 for 2007 retrospectively (from the current CYP 10.000) and CYP 11.350 or EUR 19.390 for 2008, and the reduction of consumption tax on heating oil by CYP 0.04 per litter (from CYP 0.113 previously to CYP 0.073).