The European Commission has announced that it has approved an estimated two million euro Cypriot scheme to support private investments into innovative small and medium-sized enterprises (SMEs), which will contribute to the implementation of the country’s Recovery and Resilience Plan.
The support will take the form of an income tax relief in favour of private investors, both natural persons and corporate investors, who decide to invest into early-stage, innovative SMEs.
The scheme provides investors who finance eligible companies with a tax relief of up to 30% of the amount invested, with an overall cap to such tax relief that cannot exceed 50% of their total taxable income, up to a maximum of €150,000 per year and of €750,000 within five years from the investment.
Source: Cyprus News Agency