5 Major Developments in Cyprus

5 Major Developments in Cyprus

• Country fact sheets: eInvoicing in Cyprus

• VAT Cut on Basic Goods has Reduced Prices

• Changes to reduced VAT rate applicable to primary and permanent residence

• Changes to application of reduced VAT rate on supply or construction of permanent residence

• New VAT rate of 3 % envisaged in Cyprus

---

Coronavirus

• European Commission Closes Infringement Procedure Against Cyprus Regarding ‘Buy and Donate’ VAT Exemption and COVID-19 Supplies

• VAT rates for services and products related to the COVID-19 disease

E-invoicing

• Country fact sheets: eInvoicing in Cyprus

• E-Invoicing Compliance in Cyprus

EU Policy

• Cyprus has Two Months to Address VAT Shortcomings

Exemption

• Amendment on the sale of “new” buildings – Schedule 8 Cyprus VAT Law

• European Commission Closes Infringement Procedure Against Cyprus Regarding ‘Buy and Donate’ VAT Exemption and COVID-19 Supplies

• Amendment on the sale of “new” buildings – Schedule 8 Cyprus VAT Law

Fiscal Representation

• VAT Guide – Cyprus

Fraud / Tax Evasion

• Cyprus-based betting website under scanner for GST evasion

Intrastat

• VAT Guide – Cyprus

Liability (Reverse Charge/Withholding)

• TFA (Tax-For-All) Portal is live! – Extension VAT return filing & VAT payment

Rate

• Potential new VAT rate

• Changes to application of reduced VAT rate on supply or construction of permanent residence

• Cyprus to introduce a VAT rate of 3% using the new EU freedoms on reduced VAT rates

• International VAT Rate Round Up: June 2023

• Changes to reduced VAT rate applicable to primary and permanent residence

• VAT Cut on Basic Goods has Reduced Prices

• Cyprus VAT measures under review

• New VAT rate of 3 % envisaged in Cyprus

• Cyprus introduces 3% reduced VAT rate

• Temporary VAT reduction on essentials estimated at €14.5 million

• Cyprus To Introduce New Three Percent VAT Rate

• Our View: VAT cuts are not so temporary

• VAT amendment laws were unconstitutional

• 5% VAT on the Purchase or Construction of a new residence – New Legislation enactment

• Ministry of Finance backs reduced VAT law

• Reduced VAT on First Homes Passed into Law (Updated)

• Finance minister warns of VAT consequences

• Proposed reduction in VAT on a number of products and services

• VAT Proposal on Homes at the Plenum under EU Pressure

• Reasoned opinion to Cyprus (INFR(2021)2093) for its failure to properly apply EU VAT rules for dwellings purchased or constructed in Cyprus

• Cyprus has two months to address VAT shortcomings

• Commission urges Cyprus to comply with EU VAT rules for dwellings

• List of Products with Reduced VAT Rates to Expand

• Cyprus has Two Months to Address VAT Shortcomings

• EU Commission gives Thumbs-Down to Proposed VAT Cut

• EC challenges 5% VAT proposal for primary residences

• Bill for Reduced VAT on First Homes to go to Plenum June 8

• Nicosia to expand list with 0%

• Plenum to Discuss Reduced VAT on First Homes in June

• Cyprus Provides Temporary Zero VAT Rate for Basic Goods and Extends Zero Rate for COVID Tests and Vaccines

• Cyprus Cuts VAT on Essentials until 31 Oct 2023

• Our View: The administrative nightmare of zero VAT

• Zero VAT on certain consumer products

• Cabinet Approves Zero VAT on Basic Items

• Cyprus to Cut VAT to Zero on Essentials

• Zero VAT on essential items

• Government mulling zero VAT on some items

• Government will announce VAT reductions on essentials in coming days

• Ministry seeks compromise on VAT home discount

• EU pushing Cyprus on home VAT bill

• VAT Guide – Cyprus

• House insists on trying to fool EU on VAT on properties

• VAT rates for services and products related to the COVID-19 disease

• EU gives Cyprus until end of March for VAT change on homes

• Electricity subsidies to be extended to April 2023

Real Estate/Immovable Property

• Changes to application of reduced VAT rate on supply or construction of permanent residence
• Changes to reduced VAT rate applicable to primary and permanent residence
• Ministry of Finance backs reduced VAT law

• Reduced VAT on First Homes Passed into Law (Updated)

• VAT Proposal on Homes at the Plenum under EU Pressure
• Reasoned opinion to Cyprus (INFR(2021)2093) for its failure to properly apply EU VAT rules for dwellings purchased or constructed in Cyprus

• Cyprus has two months to address VAT shortcomings

• Commission urges Cyprus to comply with EU VAT rules for dwellings
• Cyprus has Two Months to Address VAT Shortcomings
• EU Commission gives Thumbs-Down to Proposed VAT Cut
• EC challenges 5% VAT proposal for primary residences
• Bill for Reduced VAT on First Homes to go to Plenum June 8
• Amendment on the sale of “new” buildings – Schedule 8 Cyprus VAT Law
• Plenum to Discuss Reduced VAT on First Homes in June
• Amendment on the sale of “new” buildings – Schedule 8 Cyprus VAT Law
• Ministry seeks compromise on VAT home discount
• EU pushing Cyprus on home VAT bill
• House insists on trying to fool EU on VAT on properties
• EU gives Cyprus until end of March for VAT change on homes

Reporting / Compliance

• Global VAT Guide: May 2023 VAT Updates

• EY VAT News – 5 June 2023 

• European Commission Sends Reasoned Opinion to Cyprus on VAT Rules for Dwellings

• Obligation to accept credit or debit card payments – fees

• Tax Department extends Stage 1 VAT filing and payment deadline

• New Tax Administration Portal

• Extension of Deadline for VAT Returns

• New Extension of VAT Return submission via TFA Portal

• Extension to the submission and payment deadlines for periodic VAT returns

• VAT filing deadline extensions for transition to the new electronic system

• TFA (Tax-For-All) Portal is live! – Extension VAT return filing & VAT payment

• TFA platform – deadline extensions

• Cyprus Switching VAT Payment Administration To New Platform

• Cyprus Switching VAT Payment Administration To New Platform

• Cyprus Proceeds with Pending Tax Rebates, new Tax For All online database (incl. VIES)

• Mandatory use of single tax portal for VAT payments

• VAT Guide – Cyprus

• “Tax for All” platform: Next steps

• 4 VAT Country guides on Cyprus

Tax Authorities / Penalties

• Obligation to accept credit or debit card payments – fees

• New Tax Administration Portal