Electronic invoices with proper signature, authenticity and agreement by the recipient. Maintenance of accounts of record, which must be held for at least 6 years. Correct invoicing of customers for goods or services in accordance with the Cyprus time of supply VAT rules.
Treatment of credit notes and other corrections. Application of foreign currency translation rates. The current rates are:. Cyprus Covid VAT rate cuts. What is the tax point for Cypriot VAT. Need help with your Cypriot VAT compliance? Find out more. Latest Cypriot news.
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Cyprus VAT rates. Domestic road passenger transport; domestic passenger transport by sea; hotel accommodation; restaurants and catering services; cafes. To print this article, all you need is to be registered or login on Mondaq. Basis of taxation VAT is imposed on the provision of goods and services in Cyprus, as well as on the acquisition of goods from the EU and the importation of goods into Cyprus. As from 1 January significant changes came into effect in the EU and Cyprus VAT legislation in the following areas: Changes in the country of taxation of services provided between businesses established in two different EU Member States.
Changes in the country of taxation of services, supplied to consumers. Changes in the time of supply of services for which VAT is due by the recipient. Supply, modification, repair, maintenance, chartering and hiring of sea going vessels which are used for navigation on the open sea and which are carrying passengers for reward or used for the purpose of commercial, industrial and other activities.
Supply, modification, repair, maintenance, chartering and hiring of aircrafts used by airlines operating for reward mainly or international routes. Supply of services to meet the direct needs of sea going vessels and aircrafts.
Transportation of passengers from Cyprus to a place outside Cyprus and vice versa using a sea going vessel or aircraft. Supplies of Gold to the Central Bank of Cyprus. Commissions received from abroad for import and export of goods.
Exemptions The following services are exempt from VAT: Rental of buildings used for residential purposes. Hospital and most medical services. Most insurance, banking and financial services. Educational services. Management services provided to mutual funds. Supplies of real estate, excluding new buildings before their first use but including supplies of land and of second-hand buildings.
Postal services provided by the national postal authority. Lottery tickets and betting coupons for football and horse racing. Irrecoverable input VAT As an exception to the general rule, input VAT cannot be recovered in a number of cases which include the following: Acquisitions used for making exempt supplies. Purchase, import or hire of saloon cars.
Entertainment and hospitality expenses except those relating to employees and directors. Housing expenses of directors. The lessor has the right to apply for an irrevocable exemption from imposition of VAT. Grant for acquisition of first residence The grant is given to eligible persons who will construct, purchase or transfer a new residence total covered area should not exceed m 2 which will be used as the primary place of their residence.
Originally published 03 February The content of this article is intended to provide a general guide to the subject matter. Karlos Zangoulos. Rois Potamitis. Nicos Katsaris. Our company formation services. Facebook LinkedIn. Effective from 10 January Accommodation in hotels, tourist lodgments, and any other similar lodgments.
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