Cyprus is again increasing its VAT rates.
The standard VAT rate will increase from 17% to 18% for the period 14 January 2013 to 12 January 2014. From 13 January 2014 the standard VAT rate will increase again to 19%, at which point the 8% reduced rate also rises to 9%. The current reduced rates of 5% and 0% remain unchanged.
Original news can be found here.
What does this mean for you?
Any change in the VAT rates in Cyprus will affect businesses both as suppliers and as customers. Businesses registered for VAT in Cyprus should therefore keep abreast with the developments and adjust their ERP and eshop systems and invoices accordingly.