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CYPRUS

Cyprus

Cyprus is one of the 27 Member States of the European Union.

Basic VAcTs

Latest update 01.06.2024
Country ISO Code CY
EU Member State Yes
Local name Φόρος Προστιθέμενης Αξίας (ΦΠΑ) or 'FPA'
VAT number format CY 12345678X (last character always a letter)
VAT Rates  
Standard VAT Rate 19%
Reduced VAT Rate 9%
Special Reduced VAT Rate 3% + 5%
VAT Compliance  
Standard VAT Return filing period 3 Months or Monthly
Standard VAT Return filing deadline 40th day of month following filing period
VAT Representation required for non-resident businesses? Yes, mandatory for non-EU businesses
Record retention period 6 years
Electronic invoicing Not mandatory for B2B transactions
Click HERE for more info
Real-time reporting n.a.
Special Rules  
General domestic reverse charge for domestic
supplies of goods by non-resident businesses?
No
Other domestic reverse charge mechanisms? Yes, e.g. (sub-)contracting work, supplies
of specific goods (e.g. scrap, waste materials,
IT-products)
Postponed Accounting on Import No
VAT Grouping possible? Yes
VAT Refunds for non-EU businesses? Israel and Switzerland
Remarks  
Link to VAT Law  HERE
Remarks  

Below is an overview of the latest VAT news for this country.

Note: The above information is taken from various sources and is for information purposes only and is not intended to be advice. Although the author went to great lengths to make sure the information is accurate and useful, users should not act on the basis of any matter used or presented without considering appropriate professional advice.

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