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 maximum deductible amount of EUR 150,000 per year, which is similar to the prior version of the regime. A key difference, however, is that the new scheme is not limited only to natural persons, with independent legal person (corporate) investors allowed to benefit on qualifying investments in innovative SMEs conducted either directly, through an investment fund, or through an alternative trading platform. It is also provided that for a corporate investor, the eligible shares must be full-risk ordinary shares and be held in the investor's possession for at least 3 years. The Income Tax (Amendment) (No. 7) Act of 2022 is effective from 14 February 2022 to 31 December 2021.