As previously reported, the European Commission approved a new (revised) Cypriot scheme to support private investments into innovative SMEs on 14 February 2022. Cyprus introduced the necessary amendments for the revised scheme through the Income Tax (Amendment) (No. 7) Act of 2022, which was published in the Official Gazette on 26 July 2022. Some of the key points include that up to 30% of qualifying investments may be deducted from taxable income, limited to 50% of taxable income with a ma…