Cyprus

Cyprus VAT e-filings compulsory May 2017

December 28th, 2016

From 2 May 2017, VAT registered entrepreneurs will be required to file their VAT returns online. The Cypriot VAT reporting portal, TAXISnet, is now fully operational for all VAT returns and recapitulative statements. Businesses may register online with TAXISnet to file.


Cyprus

Cyprus EC Sales List

November 5th, 2014

If a Cyprus VAT registered business, resident or non-resident, is selling goods or services to other VAT registered companies in Europe, then an EC Sales List (ESL) return may be required. These may also be known as recapitulative statements. This is in addition to the regular Cyprus VAT return or Cyprus Intrastat.


Cyprus

Cyprus Intrastat

November 5th, 2014

In addition to VAT returns, foreign companies trading in Cyprus may be required to complete statistical reports, ‘Intrastat’, on the movement of goods across the national borders. This can include both sales to other companies, but also the movement of goods by the same company. When do Cyprus Intrastat reports have to be completed If …


Cyprus

Cyprus VAT returns

November 5th, 2014

Any company registered with the Cyprus tax authorities (see our Cyprus VAT registration briefing) as a non-resident VAT trader must report taxable transactions through periodic filings, known as returns. Note, the VAT return form VAT4 is only available in the Greek language. What are the deadlines for filing Cyprus VAT returns Any Cyprus VAT must …


Cyprus

Cyprus VAT invoice requirements

November 5th, 2014

Cyprus VAT rules on the format and information to be provided on invoices broadly conform with the obligations of the EU VAT Directive and its VAT invoice requirements. Date of issuance and storage of Cyprus invoices Cyprus VAT invoices must be issued at the latest six months after the taxable supply. Invoices must be stored …


Cyprus

Cypriot VAT rates and VAT compliance

November 5th, 2014

Cypriot VAT rates Whilst Cyprus follows the EU rules on VAT compliance, it is still free to set its own standard (upper) VAT rate. The only proviso is that it is above 15%. Suppliers of goods or services VAT registered in Cyprus must charge the appropriate VAT rate, and collect the tax for onward payment …


Cyprus

Cyprus VAT registration

November 5th, 2014

What are the Cyprus VAT registration thresholds For non-resident companies trading in Cyprus that are tax registered in their home country, the VAT registration threshold is nil. For EU VAT registered companies selling goods over the internet to consumers in Cyprus, the VAT registration threshold (distance selling) is per annum. The VAT threshold for distance …


Cyprus

Cyprus

November 5th, 2014

Cyprus introduced Value Added Tax in July 1992. The rules on Cyprus VAT registrations, returns and compliance are based on European Union EU VAT Directives which Cyprus has transposed into its VAT Act. Cyprus VAT is administered by the Tax Department within the Ministry of Finance. Foreign companies, or ‘non-resident’ traders, providing goods or services …