VAT Archives - Page 2 of 3 - Financial Mirror

Ministry seeks compromise on VAT home discount

The Finance Ministry seeks a compromise with the House on the thorny issue of reduced VAT for first homes by increasing the property’s value rather than tampering with size criteria. Authorities have

4th April 2023

Cyprus/Property

Government sidelines thorny VAT on homes

The Finance Ministry seek to push the thorny issue of finding a compromise on reduced VAT for first homes to the next government after the European Commission’s latest warning against Cyprus over

3rd January 2023

Cyprus/Property

Bars should charge lower 9% VAT for drinks

Bargoers and clubbers should see their tabs deflate by 10% as an administrative court decision corrects a VAT anomaly for bars, coffee shops, restaurants, and nightclubs. Until recently, according to the interpretation

13th December 2022

Cyprus/Life & Society

Homeowners cheated state of €16.2 mln VAT

Over 270 people, mostly foreign investors eyeing a Cypriot passport, benefited from the reduced rate of 5% VAT for first-time home buyers instead of paying the standard 19% rate, with state coffers

5th December 2022

Cyprus

MPs seek deal on reduced VAT for new homes

MPs seek a compromise on reduced VAT for first homes after the European Commission initiated infringement proceedings against Cyprus over the discount. Green MP Stavros Papadouris has tabled a bill that sees

23rd September 2022

Cyprus/Property

Compromise VAT bill on new homes

The government has retabled a bill for reduced VAT on first homes, aiming to find the sweet spot between MPs’ concerns and the European Commission, which has initiated infringement proceedings against Cyprus

5th September 2022

Cyprus/Property

Petrides warns parties not to follow German VAT request

Cyprus Finance Minister Constantinos Petrides has warned opposition parties not to draw comparisons between Germany’s EU request for a VAT exemption on a new consumer levy on energy produced by gas and

16th August 2022

Energy

MPs stand firm on slashing VAT on energy bills

Cyprus MPs rejected President Nicos Anastasiades’ decision to send back to the House legislation scrapping VAT on fuel and electricity bills until the end of the year to ease the cost of

2nd August 2022

Cyprus

Pushback to VAT change on home buys

MPs are undecided on whether to pass a European Union directive reducing the size of homes entitled to lower 5% VAT or face hefty financial penalties, while the construction industry wants authorities

3rd July 2022

Cyprus/Property

Higher VAT on smaller homes ‘spells disaster’

A European Union directive to reduce the size of homes entitled to lower 5% VAT has real estate agents and developers in uproar as they claim it will endanger the recovery of

28th June 2022

Cyprus/Property