On 20 July 2022, the Cypriot Official Gazette published the amended income tax law increasing the deduction for research and development (R&D) expenses for the years 2022, 2023 and 2024. The changes are provided under the amendment of Article 9 (Deductible Expenses). Accordingly, for expenses incurred during the years 2022, 2023 and 2024, including expenses of a capital nature, for which a discount is granted in accordance with the provisions of paragraph (l) of this subsection, an additional discount equal to twenty percent is granted (20%) on said expenses, which cannot be claimed alongside the deduction provided for in paragraph (k) of this subsection and which a person can, for each tax year, waive in part or in whole.
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