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VAT

Cyprus revises VAT for yacht leasing scheme

The Tax Department has introduced new procedures regarding the leasing from December 23, 2019, onwards of recreational vessel owning companies registered on the VAT Registry.

The Interpretative Circular 240 (VAT Tax) refers to Cypriot companies which operate in the sector of leasing pleasure yachts and complies with compliance with the European and Cypriot law and most importantly are approved by the European Commission.

Source: financialmirror.com

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