The Ministry of Finance has granted a fresh round of easements on Value Added Tax returns and liability payments. VAT payments due by 10th August for the quarter 2 (April to June 2021) returns may now be deferred until 10th 10th September payments (for May
As a result of the COVID-19 pandemic, the island of Cyprus is to reduce Value Added Tax rates on hotels and certain transport. The changes involve a range of services moving from the reduced 12% rate to the 5% rate between 1 July 2020 and
Cyprus has issued guidance to EU and non-EU sellers and marketplace affected by the 1 July 2021 e-commerce package reforms. These seek to withdraw distance selling threshold, the €22 import VAT exemption and impose new VAT liabilities on certain marketplace transactions. To support this, and
Cyprus is to extend the application of the domestic reverse charge to mobile phones, CPU’s, games consoles, laptops and similar products. This will come into effect from 1 October 2020. Reverse charge to block missing trader fraud The measure obliges resident or non-resident providers of
A new penalty regime comes into force in the Mediterranean island of Cyprus on 20 August 2020. This will be as follows for any VAT registered taxpayer whether resident or non-resident: €100 fixed fine for missing the filing deadline of a VAT return. Quarterly returns
