What the UK-EU trade deal means for car imports
British car company bosses were handed a generous gift on Christmas Eve in the form of the announcement that Boris Johnson’s post-Brexit trade deal with...
VAT
Commission approves €33m Cypriot scheme deferring payment of VAT
The European Commission has approved a €33 million Cypriot aid scheme deferring VAT payments to ease the liquidity constraints of companies affected by the coronavirus...
Pay up or face sanctions, tax department warns
The tax department has started sending letters to individuals and companies who owe large sums of money in VAT, including 100 with debts of over...
Cyprus among top three EU performers in recouping VAT
EU countries lost €137 billion in Value-Added Tax (VAT) revenues in 2017, according to a study released by the European Commission on Thursday. Cyprus with...
Cyprus and Italy in hot water over tax breaks for yachts
The European Commission on Thursday said it was taking further steps to end illegal tax breaks in the yacht industries in Cyprus and Italy first...
Taxman on brink of busting huge evasion network, he says
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...
Bill seeks to lower VAT on land for primary residence
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...
Customs marks 50 years of union
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...
Tax department looking to tax Airbnb rentals
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...
Tax break for young couples buying land for first home
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...
MPs plan to streamline transfer fees and VAT on land sales
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...
European Commission probes VAT on yachts
The European Commission announced on Thursday it has opened infringement procedures against three member states – including Cyprus – for not charging the correct amount...
VAT regulation for villas to let remains unclear
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...
Trying to understand new VAT rules
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...
Football clubs VAT debts to be wiped off (Update 2)
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...
MPs seeking to extend tax arrears payment scheme
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,...
MPs seek to ease the pain of VAT increase on building plots
Lawmakers on Monday sought to further tweak an EU harmonising bill whereby the state would levy 19 per cent VAT on building and development...
House looks at formula to ease VAT on land sales
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...
Adding VAT could cause problems
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...
EU fines loom if VAT on land sales not imposed
MPs on Monday continued discussion of a government bill which would impose 19 per cent VAT on land sales for commercial property transactions, amid...