North ‘govt’ raises, then re-lowers VAT rate
The north’s ‘government’ within the space of a few hours on Monday night and Tuesday publicised plans to raise value added tax (VAT) rate on a total of 54 products, ...
Cyprus’ economy to remain resilient in 2025, says finance minister
Cyprus’ economy is projected to maintain its resilience in 2025, with an anticipated growth rate of 3.1 per cent – significantly higher than the EU average – Finance Minister Makis Keravnos said on Friday.
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Electricity subsidy and zero VAT on essential goods scrapped
The electricity subsidy and zero per cent VAT on 11 essential goods will be scrapped as of October 1.
A finance ministry announcement said the scheme which expires on September 30 does not ...
Cyprus one of EU states being probed in alleged VAT fraud
Companies registered in Cyprus are part of an ongoing probe led by the European Public Prosecutor’s Office (EPPO) into a €30 million VAT fraud and money-laundering scheme, it emerged on ...
Front companies in Cyprus embroiled in money laundering, say Greek police
A cross-border tax evasion and money laundering scheme involving Greece, Cyprus and Slovakia has led to the arrest of 21 people, Greek police said on Monday.
Greece’s police said the ...
Govt extends electricity subsidy until end of October
The government on Wednesday announced it had extended the electricity subsidy until the end of October, meaning it will have been in place for exactly a year upon its currently ...
Ministers to discuss domestic support measures, EU presidency
An extension of state support measures including a graded electricity subsidization and reduced VAT for food items, as well as compensation for the fire victims in Paphos, will be discussed ...
Understanding VAT rules in Cyprus for property transactions, rentals
By Ioannis A Pitsillos
Navigating the VAT regulations in Cyprus is essential for anyone involved in property transactions or short-term rentals. This article provides a detailed overview of the VAT ...
Zero VAT is saving consumers 8 per cent – minister
Finance Minister Makis Keravnos on Monday said that “significant benefits have accrued to consumers” after the zero VAT measure on meat and vegetables came into effect last December.
The measure, ...
Electricity and fuel subsidies extended into spring (Updated)
Government subsidies on electricity and fuel tax will be extended into the spring, President Nikos Christodoulides said on Wednesday.
The extensions to the subsidies were announced among a raft of ...
EU green lights reduced VAT on first homes – minister
The European Commission has given the nod to the levying of the reduced 5 per cent VAT on first homes in Cyprus, the finance minister revealed on Monday.
Makis Keravnos made ...
VAT reduction policy ‘very successful’ says state
The government’s policy of reducing the VAT rate, in some cases to zero, on various everyday products, has been “very successful”, according to the Consumer protection service’s director ...
Coffee and sugar added to zero VAT products
The zero VAT rate for basic necessities will be extended for a further another six months, while coffee and sugar have been added to the list of products, Finance Minister ...
Zero VAT measure having positive impact
The zero VAT measure appears to be having a stable positive impact a month and a half into its implementation, the energy ministry announced on Friday.
According to a survey ...
VAT-free products go up in price
The prices of VAT-free products have increased “more than expected”, the Cyprus Consumers’ Association said on Tuesday.
A total of 92% of VAT-free products have seen price increases, with the association ...
Finance minister says government is monitoring fuel prices
Fuel prices have been significantly reduced and the government will review continuing a VAT cut, which expires on June 30, Finance Minister Makis Keravnos said on Friday.
Parties have already filed ...
Our View: VAT cuts are not so temporary
When a government introduces a temporary measure, aimed at offering relief to people, its eventual revocation is certain to spark opposition. There will be demands for keeping the measure in ...
VAT proposal on homes at the plenum under EU pressure
The proposal set to reduce VAT to five per cent for the first 130 square metres of a first residence is set to head to plenum on Thursday, under pressure of ...
Cabinet approves zero VAT on basic items
The cabinet on Tuesday approved zero VAT on certain consumer goods, in a stated bid to provide some relief amid current inflationary pressures.
The zero VAT will apply to bread, ...
Government mulling reduced VAT for basic necessities (Updated)
It is unclear how effective government machinations to reduce the VAT on necessary goods will be, following reports on Wednesday that authorities are looking to completely axe tax on items ...
Our View: House insists on trying to fool EU on VAT on properties
It is quite astonishing how the political parties are pretending not to understand the issue of reduced VAT on the purchase of a primary residence, which the government has been ...
EU gives Cyprus until end of March for VAT change on homes
Lawmakers on Monday revisited the issue of reduced VAT on homes, with some trying to instill a sense of urgency on the matter as the European Commission continues breathing down ...
Cyprus must find ‘golden ratio’ with new minimum tax rate
Partner and head of international tax services at advisory and consulting firm PwC Cyprus Stelios Violaris recently examined the adoption of the minimum tax rate of 15 per cent, outlining the ...
Cyprus Business Now
Cyprus VAT Association (Cyva) president Demetra Constantinou this week provided a summary of the benefits, services, and the reason for establishing the association.
Constantinou stated that the main reason for ...