Effective from 13th January 2014, an increase in VAT effective tax rate took place in Cyprus with the rate increasing from 18% to 19%. The reduced rate of VAT will increase from 8% to 9% respectively. Goods or services which are currently subject to the reduced VAT rates of 5% and 0% respectively will remain unaffected.
All taxable persons subject to the aforementioned Increase in VAT effective tax rate are obliged to perform a physical inventory count to include both quantities and valuation upon the close of business on 12th January. The final inventory report should be maintained for a period of 6 years.
For more information on tax matters we ask you to visit http://www.cccyprus.com/taxfirm/tax-advisory.
Effective from 13th January 2014, an increase in VAT effective tax rate took place in Cyprus with the rate increasing from 18% to 19%. The reduced rate of VAT will increase from 8% to 9% respectively. Goods or services which are currently subject to the reduced VAT rates of 5% and 0% respectively will remain unaffected.
All taxable persons subject to the aforementioned Increase in VAT effective tax rate are obliged to perform a physical inventory count to include both quantities and valuation upon the close of business on 12th January. The final inventory report should be maintained for a period of 6 years.
For more information on tax matters we ask you to visit http://www.cccyprus.com/taxfirm/tax-advisory.