CYPRUS: COVID-19 Measure Updates
COVID-19 VAT RELATED MEASURES
- Temporary deferral of VAT payments for certain businesses
- Temporary change of VAT reporting periods and due VAT payments for certain businesses
- Temporary reduction from 9% to 5% VAT rate for certain hospitality and travel services
QUICK FIXES IMPLEMENTATION IN CYPRUS
- Amendments to Article 10 of VAT Law in respect of the place of supply of goods in certain chain transactions
- Amendments to Article 42C of VAT Law in respect of the Recapitulative (VIES) Statements
VARIOUS AMENDMENT OF THE VAT LAW
- Changes concerning the write off of VAT debts
- Changes in certain definitions
- Changes in the local reverse charge provisions
- Refund of VAT credit balance
- Increase of certain monetary penalties
- Important changes to the VAT registration obligations of non-established taxable persons
- Correcting omissions and inaccuracies
Source Credit – VATupdate.com