The Ministry of Finance in Cyprus announced on March 18 the approval of two VAT bills with which:
1) The obligation to submit the VAT return for the period 01/12/2019 – 29/02/2020 is suspended until 30 April 2020 where (a) the VAT payable for the said VAT period is settled not later than 10 November 2020, and (b) the total revenues for the period 01/03/2019 – 29/02/2020 does not exceed EUR 1 million.
2) The standard VAT rate and one of the reduced VAT rates are temporary reduced: – from 19% to 17% for the period 01/04/2020 – 31/05/2020 – from 9% to 7% for the period 01/04/2020 – 15/07/2020.
Source Silviya Ivanova via Linkedin
