In accordance with the amendment in the V.A.T. Law, which was published in the Cyprus Government Gazette on 6 December 2012, the following changes have been voted:
1. The standard rate of V.A.T. increases from 17% to 18% for the period 14 January 2013 to 12 January 2014.
2. The standard rate of V.A.T. increases from 18% to 19% as of 13 January 2014.
3. The reduced rate of V.A.T. increases from 8% to 9% as of 13 January 2014.
4. The reduced rates of V.A.T. 5% and 0% remain the same.
5. In accordance with the provisions of the legislation, the taxable persons who are affected from the changes of the V.A.T. rates, ought, after the completion of their business operations, the day before the day on which the increase of the V.A.T. comes into force, to conduct a stock taking, which includes quantitative counting and valuation. The taxable persons ought to keep the stock taking records for a 6 year period.
Contacts:
For additional information, please contact:
Christos Christodoulou
Tel: +357 25 820280
Email:
c.christodoulou@moore-limassol.com.cy
Lakis Savvides
Tel: +357 25 820280
Email:
l.savvides@moore-limassol.com.cy