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Cyprus VAT rates set to increase

The standard VAT rate of 18% will increase to 19% as of the 13 of January 2014, along with the reduced rate which is currently 8% going up to 9%.

The reduced rate applies to those falling under schedule 12 of the Cyprus VAT legislation, the main categories include:
– Catering,
– Tourism,
– Passenger transport,

Goods or services that fall within the reduced rate of 5% and 0% will remain unaffected, these are included in schedules 5 and 6 of the Cyprus VAT legislation.

All affected by the changes of the standard rate are obliged to physically stock take their inventory by close of business 12 of January 2014.

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