Cuts to VAT and fuel taxes as Middle East conflict drives inflation response Cyprus has moved quickly to shield households and key sectors from rising prices linked to the ongoing Middle East conflict, with a €200m support package combining VAT cuts, excise reductions and targeted
Reduced rate of 3% under new EU freedoms on reduced VAT rates Update: this new rate was gazetted on 23 July 2023, and so is now in effect. Cyprus’ Council of Ministers has agreed to introduce a new 3% reduced VAT rate under the new
Hikes in intra-community goods arrivals reporting 1 January 2023 Cyprus has increased the annual thresholds for Intrastat arrivals reporting. This is the monthly declarations of goods’ movements across EU member state internal borders. This is only required of businesses that exceed the ‘dispatches’ (‘exports’ to
Fast rising inflation prompts rollover of VAT cut for domestic energy Cypriot annual inflation hit 8.6% in April 2022, up from 7.1% in March. This is the highest rate in over forty years. This inflation burst has prompted the government to extend the reduction of
