ALLOWANCES AND DEDUCTIONS FOR INDIVIDUALS

The Deductions of contributions or premiums paid to:

• Widows’ and Orphans’ pension fund or schemes established under any Law in Cyprus or similar Law outside Cyprus.



• Pensions, provident or other society or fund or scheme established in Cyprus or outside Cyprus.



• Insurance company under the annuity contract.



• Insurance company for Pension Scheme or Medical Schemes, or the General Health Scheme Law of Cyprus or under comparable law in force outside Cyprus.



• Life assurance policies made on his or her life but not on the life of the spouse by the other spouse. (The premiums payable on life assurance policies made on the life of the spouse by the other spouse under the provisions of the old Income Tax Law will continue to be allowed).
  
  All above, will be allowed subject to the previous provision for the restriction of the above deductions to one sixth of the chargeable income.