The Cyprus House of Representatives voted on and approved several important amendments to the Value Added Tax (VAT) Law on 31 July 2020. The amending bill was enacted as part of a package of measures to improve tax collection and to tackle the VAT fraud. This Alert summarizes the key changes. Affected businesses should seek immediate guidance to ensure compliance and implementation of potential benefits.
The majority of amendments take effect from publication in the Official Gazette (not yet released) with the exception of two aspects noted below in bold italics for ease of reference.