Zero VAT extended to food staples
Bread, baby food, coffee, milk, meat and sugar will be subject to a zero VAT rate from October following the approval of a relevant decree by the Council of Ministers.
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Heating oil tax slashed as part of €70m cost-of-living package
The tax on heating oil will be reduced by 5.3 cents per litre from November 1, as part of a €70 million package of measures approved by the cabinet on Wednesday to tackle ...
Cyprus playing no part in ongoing European VAT fraud probe
Cypriot authorities have had no involvement in an ongoing European VAT fraud investigation other than the sharing of information, it was reported on Tuesday.
Citing sources in Cyprus familiar with ...
Parliament green-lights extension for reduced VAT on first homes
The House on Thursday passed legislation extending the time period during which people applying for a permit for their first home may benefit from discounted VAT.
Three years ago, regulations ...
Spain to reduce VAT on fuel to 10% over Iran war
Spain on Friday will reduce the value-added tax on fuel products to 10% from 21% as part of measures to cushion the economic blow from the Middle East conflict, SER radio station ...
Reduced VAT on electricity bills extended for another year
Finance Minister Makis Keravnos on Wednesday announced that the government will extend the application of a reduced value added tax rate for home electricity consumption for another year.
Speaking after ...
Our View: VAT relief was a temporary measure that ran its course
It was inevitable that Akel would start protesting as soon as it became known that that government would not extend the duration of the measures that were implemented to help ...
Cabinet approves VAT reduction from 5 to 3 per cent for selected items and services
The cabinet on Thursday green-lit changes to the legislation governing Value Added Tax (VAT) cutting the applicable 5 per cent rate down to 3 per cent on certain items and services, as ...
Reduced VAT on first homes passed into law (Updated)
By nearly a unanimous vote, and under the watchful eye of Brussels, parliament on Thursday passed a law allowing for a reduced VAT rate of 5 per cent levied on first ...
List of products with reduced VAT rates to expand
The finance ministry is in the final stages of preparing the list of products for which it is seeking reduced rates of VAT to ease the cost-of-living challenges.
Indeed, the ...
Cyprus has two months to address VAT shortcomings
The European Commission on Thursday called on Cyprus to comply with the EU VAT rules for dwellings.
The Commission decided to send a reasoned opinion to Cyprus for its failure ...
Our View: EU Commission is right to put an end to VAT cut abuse
The European Commission has informed the government that it does not accept the formula put together by the parliamentary parties for VAT on the construction or purchase of a primary ...
Bill for reduced VAT on first homes to go to plenum June 8
Parliamentarians on Monday sounded upbeat that legislation regulating which homes would be eligible for reduced VAT will go to the House plenum for a vote on June 8.
The ‘sweet spot’ – ...
Plenum to discuss reduced VAT on first homes in June
A bill providing for discounted VAT on first homes will be going to the House plenum for a vote in early June, parliamentarians said on Monday – bringing to a close ...
Government may lower VAT on more products, says finance minister
Finance Minister Makis Keravnos said on Monday that they are working towards lowering the VAT rate in general in Cyprus, adding that the government would mostly likely also further extend ...
Discounted VAT on first homes discussed again in parliament
Parliamentarians on Monday again discussed a government bill on discounted VAT on first homes, with some expressing the hope the legislation would – finally – go to the House plenum for a ...
Hotline for consumers to report businesses launched
A hotline has been launched by the Consumer Protection Service for people to report businesses failing to abide by reduced VAT on certain goods, an announcement from the trade ministry ...
Our View: The administrative nightmare of zero VAT
The VAT cuts on seven categories of products go into force today. This is a measure taken by the government, as a way of helping people cope with the surge ...
Stores obliged to make a stock count on zero VAT goods
Stores will be required to carry out stock counts on the zero VAT consumer goods, the finance ministry said ahead of the introduction of VAT reductions on Friday.
Cabinet on ...
Consumers association calls on officials to enforce zero VAT rules
Officials should monitor and report any retailers not meeting consumer expectations regarding zero VAT on certain goods, consumer association head Marios Drousiotis said on Wednesday, following the previous day’s ...
VAT slashed on drinks in bars, clubs
Alcoholic or non-alcoholic drinks consumed in bars, entertainment venues, cafes, beer halls and clubs, will now be subject to a lowered VAT, Commissioner of Taxation Sotiris Markides, announced in a ...