VAT in Cyprus to increase from 15% to 17%

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Value Added Tax will increase from 15% to 17% on March 1 this year, the Ministry of Finance reiterated today, to remind consumers of the 2% rise on the standard VAT rate.

In an announcement issued here today, VAT Service notes that the increase does not affect the products and services that fall under the reduced VAT rates of 5% or 8% or zero VAT rate, according to the VAT legislation.

It says that taxable persons affected by the change of the standard VAT rate must – on the eve of the VAT increase – go through a stock-taking of their business which includes a quantitative measurement and assessment.

The taxable persons must record stock-taking in a stock –taking file of their firm and keep it for seven years, the announcement concludes.