VAT in Cyprus will increase from 15% to 17% from March 1st this year.
The increase, part of the governments efforts to fill state coffers and combat the economic crisis, will not affect products and services where VAT is set at a reduced rate of 5% or 8%.
The Finance Ministry’s VAT Service calls on those businesses that will be affected by the increase in the standard VAT rate to make an inventory of their stocks at the close of the day before the increase will go into effect.
The results of the inventory are to be recorded for a period of seven years.
Cyprus VAT Rise From March 1st.
Thu 9th February 2012
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