Posts tagged with "VAT"

Taxman on brink of busting huge evasion network, he says Cyprus

Taxman on brink of busting huge evasion network, he says

November 22nd, 2018 By George Psyllides The tax department is on the brink of busting one of the biggest VAT dodging network on the island dealing with intra-community trade, Tax Commissioner Yiannis Tsangaris told the House watchdog committee on Thursday. The commissioner said VAT in its current form was one of the easiest taxes in the EU to evade...
Bill seeks to lower VAT on land for primary residence Property

Bill seeks to lower VAT on land for primary residence

October 22nd, 2018 The government is preparing a bill exempting from payment of the full 19 per cent VAT, purchases of undeveloped land for the purpose of building on it an owner-occupied primary dwelling. Currently, when someone buys a finished housing unit or apartment as their primary dwelling they pay 5 per cent VAT, whereas buying a plot of land...
Customs marks 50 years of union Cyprus

Customs marks 50 years of union

July 1st, 2018 Cyprus customs play an active role in the European Customs Union and a basic role in the movement of goods and passengers in and out of the island, the service said on Sunday, marking 50 years since the union was established. On average the service oversees 3,000 commercial ships, 300,000 containers, 3,000,000 metric tonnes of...
Tax department looking to tax Airbnb rentals Property

Tax department looking to tax Airbnb rentals

April 23rd, 2018 Tax authorities are now eyeing short-term property rentals such as Airbnb which, due to loopholes in the law, are not subject to tax. The matter was raised on Monday at the House finance committee, which discussed the leasing/renting of properties via online services. Tax commissioner Yiannis Tsangaris said this income is not...
Tax break for young couples buying land for first home Property

Tax break for young couples buying land for first home

April 17th, 2018 The government has submitted to parliament a draft bill indirectly exempting from payment of 19 per cent VAT young couples who buy land for the purpose of building a primary residence. The issue is related to the passage of a law last November imposing 19 per cent VAT on building land. In its wake, persons buying a finished housing...
MPs plan to streamline transfer fees and VAT on land sales Property

MPs plan to streamline transfer fees and VAT on land sales

March 19th, 2018 Lawmakers plan to draft a bill aiming to eliminate a distortion where certain buyers of real estate must pay property transfer fees while others do not. When a person buys a new property and pays VAT on it, he or she is not subject to transfer fees, whereas transfer fees do apply when the transaction involves a land lease. “The...
European Commission probes VAT on yachts Cyprus

European Commission probes VAT on yachts

March 8th, 2018 The European Commission announced on Thursday it has opened infringement procedures against three member states - including Cyprus - for not charging the correct amount of VAT on yacht purchases. The commission said it decided to send letters of formal notice to Cyprus, Greece, and Malta because the issue can generate major...
VAT regulation for villas to let remains unclear Property

VAT regulation for villas to let remains unclear

January 28th, 2018 By Antonis Loizou FRICS There are many questions which are not answered by the new VAT authority regarding real estate. Residential lets are exempted from the 19% VAT charge, but then this directive goes on to say that if the landlord carries out a business activity, he is most likely responsible for charging it. The 19% VAT charge...
Trying to understand new VAT rules Property

Trying to understand new VAT rules

January 21st, 2018 By Antonis Loizou FRICS We are at a loss over what the new VAT provisions are all about. We have read the law over and again and attended a lecture on the subject given by one of the international auditors, but we still cannot profess to understand fully the provisions. What we are somewhat clear about (not 100%) and a subject which...
Football clubs VAT debts to be wiped off (Update 2) Cyprus

Football clubs VAT debts to be wiped off (Update 2)

November 9th, 2017 Some €19.5m in debt owed by football clubs to the state will be written off following a cabinet decision, President Nicos Anastasiades announced on Wednesday evening. The debt concerns long-standing dues dating as far back as 1998. The Cyprus football association (CFA) welcomed the government decision, saying it included past tax...
MPs seeking to extend tax arrears payment scheme Cyprus

MPs seeking to extend tax arrears payment scheme

September 25th, 2017 Lawmakers will this week be voting to extend the deadline for applying for a scheme regarding the settlement of taxes in arrears. Under the scheme, as it stands, people may choose to settle their debts by paying a single lump sum and benefit from a 95 per cent exemption from the additional financial charges imposed on...
MPs seek to ease the pain of VAT increase on building plots Property

MPs seek to ease the pain of VAT increase on building plots

June 27th, 2017   Lawmakers on Monday sought to further tweak an EU harmonising bill whereby the state would levy 19 per cent VAT on building and development plots. It concerns the imposition of VAT on land sales for commercial property transactions. On acceding to the EU in 2004, Cyprus was granted a derogation from the VAT directive,...
House looks at formula to ease VAT on land sales Property

House looks at formula to ease VAT on land sales

May 29th, 2017   Ruling Disy and socialists Edek will jointly table a legislative proposal allowing non-payment of capital gains tax (CGT) until the end of 2018, to counterbalance the soon-to-come imposition of 19 per cent VAT on land sales for commercial property transactions. The exemption for payment of CGT had expired on December 31,...
Adding VAT could cause problems Property

Adding VAT could cause problems

May 28th, 2017 By Antonis Loizou FRICS THE EU is placing pressure on the Cyprus government to introduce the (19%) on building and development plots. The matter is under discussion at the House but it seems that there is no way out and the EU is threatening penalties which could amount to millions if this measure is not introduced very soon. This...
EU fines loom if VAT on land sales not imposed Property

EU fines loom if VAT on land sales not imposed

May 9th, 2017   MPs on Monday continued discussion of a government bill which would impose 19 per cent VAT on land sales for commercial property transactions, amid concerns that this would lead to a cooling off in the property market. Officials warned that Cyprus is liable to hefty fines from the European Commission unless it transposes...
MPs give taxman added powers to seize valuables Cyprus

MPs give taxman added powers to seize valuables

February 3rd, 2017 THE House plenum approved unanimously on Friday the regulations for the seizure of the movable property of those who have accumulated debts to the Tax Department and VAT. The regulations provide for the seizure of cars, boats and of valuable objects. Exempt from seizure are items necessary for the survival of debtors such as...
Power supply to north extended, as sides discuss payment Cyprus

Power supply to north extended, as sides discuss payment

January 15th, 2016 By Andria Kades While the Electricity Authority of Cyprus (EAC) is extending its power supply to the occupied north for another 20 days, Turkish Cypriots have asked not to pay VAT, it emerged on Friday. Daily Politis reported that VAT has become an issue as the two sides negotiated payment for the supply of power that started on...
VAT slashed for home improvements, subsidies for new solar water heaters Cyprus

VAT slashed for home improvements, subsidies for new solar water heaters

November 24th, 2015 The cabinet on Tuesday approved a lower VAT rate of 5 per cent for all house renovations, deputy government spokesman Victoras Papadopoulos said. Speaking after the session, Papadopoulos said the rate would apply to renovations and repairs of all private properties including those that are not used as a primary residence. The...
Reduced rate of VAT for all home renovations Cyprus

Reduced rate of VAT for all home renovations

November 18th, 2015 The government intends to extend the reduced VAT rate of 5 per cent instead of the standard 19 per cent rate to cover all house renovations, President Nicos Anastasiades announced on Wednesday. The decision is expected to be rubberstamped during the next cabinet meeting, the president said during a speech at the chamber of commerce...
Government acknowledges gas VAT blunder Cyprus

Government acknowledges gas VAT blunder

October 20th, 2015 The government conceded on Tuesday there had been a misunderstanding over a recent cabinet decision to raise VAT on gas and consumers might have been charged more. The tax commissioner told the House Energy Committee that the decision concerned a rise of VAT from (the reduced rate) 5.0 per cent to (the standard rate) 19 per cent on...
Treasury deducts €61 million from civil servants pay packets Cyprus

Treasury deducts €61 million from civil servants pay packets

September 22nd, 2015 The Treasury has received €61 million since November 2013 when it began to offset civil servant’s debts to the state by deducting them from their wages and is now considering extending this to include payments owed to police. The measure covers the social insurance services, VAT and the Tax Authority, where debts owed by state...
MPs want updated list of 100 largest debtors to the government Business

MPs want updated list of 100 largest debtors to the government

September 9th, 2015 By Angelos Anastasiou THE HOUSE Watchdog committee yesterday unanimously voted to ask the finance ministry for an updated list of the 100 largest debtors to the government in income tax, social insurance, and value-added tax. In addition, the committee asked the ministry to disclose the list of all grants over a specified amount...
MPs call on government to ease off on outstanding VAT payments Cyprus

MPs call on government to ease off on outstanding VAT payments

March 10th, 2015 MPs on Tuesday called on the government to ease the noose on small and medium-sized companies and self-employed people who are not keeping up with their VAT and social security payments. Lawmakers propose a long-term repayment scheme with instalments, enabling these businesses and people to gradually repay their dues to the...
State will try to facilitate troubled SMEs Cyprus

State will try to facilitate troubled SMEs

December 29th, 2014 The government will look into whether it can help small and medium businesses survive by allowing them to pay overdue VAT and social insurance through instalments, Justice Minister Ionas Nicolaou said on Monday, but it will not suspend prosecutions across the board. Speaking after a meeting with a delegation from the coalition of small...
30 companies owe €100m in VAT Business

30 companies owe €100m in VAT

October 23rd, 2014 By Elias Hazou AS MANY as 30 companies owe the state about €100m in VAT, according to data revealed by Politis yesterday. Of the 30 legal entities, two of them (or their directors) cannot be traced, while criminal prosecutions are pending against another seven. The data was prepared by tax authorities and handed to parliament...
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