VATupdate

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Recent changes: COVID-19 measures, implementation Quick Fixes, ….

Changes:

COVID-19 VAT RELATED MEASURES

  • Temporary deferral of VAT payments for certain businesses
  • Temporary change of VAT reporting periods and due VAT payments for certain businesses
  • Temporary reduction from 9% to 5% VAT rate for certain hospitality and travel services

QUICK FIXES IMPLEMENTATION IN CYPRUS

  • Amendments to Article 10 of VAT Law in respect of the place of supply of goods in certain chain transactions
  • Amendments to Article 42C of VAT Law in respect of the Recapitulative (VIES) Statements

VARIOUS AMENDMENT OF THE VAT LAW

  • Changes concerning the write off of VAT debts
  • Changes in certain definitions
  • Changes in the local reverse charge provisions
  • Refund of VAT credit balance
  • Increase of certain monetary penalties
  • Important changes to the VAT registration obligations of non-established taxable persons
  • Correcting omissions and inaccuracies
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