On 27 May 2020, the President of the Republic of Cyprus, Mr. Nicos Anastasiades, announced a set of new measures to be taken by the Government to support the economy in view of the COVID-19 crisis.
One of the new measures to be taken up concerns VAT. In particular, it was announced that “in order to strengthen the sector of tourist accommodation and catering, the reduction of VAT has been decided from 9% to 5% for the period from 1st July 2020 until 10 January 2021″.
It is noted that the announced VAT measure has not yet been enacted into law, hence further updates are to be expected.
Source: Cyprus Government
Source: PIO
Latest Posts in "Cyprus"
- Cyprus Extends VAT Filing Deadline to August 27 Due to Tax Portal Downtime
- Cyprus Amends VAT Rules for Virtual Events: Customer Location Determines Taxation from 2025
- EU Initiates Infringement Procedure Against Cyprus for Incomplete VAT Directive Transposition
- EU Initiates Legal Action Against Cyprus and France for Failing to Implement Key Customs Systems
- Commission Urges Cyprus to Fully Transpose VAT Rates Directive