Despite drop in peak inflation, government extends VAT cut on essentials until 30 April 2024 The Cypriot Council of Ministers has now approved a six-month extension to the temporary reduction in the reduced 5% and standard 19% rates on certain essential goods. The rate cut
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
9.6% August inflation prompts rollover of petrol VAT cut The VAT cut on retail petrol in Cyprus has been extended to 15 January 2023. They were due to end at the end of this month. Prior cuts due to end August 2022 This inflation burst
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
February fuel inflation prompts VAT cut The Cyprus government has implemented a temporary cut in the Value Added Tax rate on petrol from the standard rate to 5%. A power consumption rate cut was already in place to 9%, and this has been extended. The
3-month payments option for 2021 Quarter 4 VAT period VAT registered taxpayers in Cyprus may opt to pay their December or Quarter 4 2021 returns. However, returns must nevertheless be filed as normal. The payment plan offers three equal instalments on 10th of February, March
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
