Russian (Russia)

One of the main changes in the VAT legislation that Cyprus is expected to implement from July 1, 2021 is the imposition of penalties burden on persons who fail to pay VAT through the reverse charge mechanism. The penalty fee will range from €200 for each quarter and with a maximum of €4.000

The reverse charge must be applied by persons or companies established in the Republic and engaged in economic activity, for the acquisition of goods or services that fall into the following categories:

(1) receipt of taxable services by persons or companies not established in the Republic (Article 11), whether belong in the EU or outside the EU

(2) receipt of taxable services or services together with goods in the context of the construction, conversion, demolition, repair or maintenance of a building or any civil engineering project (Article 11B)

(3) purchase of goods by persons whose economic activity falls within the Combined Nomenclature code 46771 and consisting of second-hand metals (Article 11c);

(4) purchase of mobile phones, tablets, integrated circuits, laptops, etc. (Article 11E);

(5) acquisitions of goods by other Member States (Article 12A).

Clients receiving such services and fall into the above categories can contact the accounting department of Globalserve Consultants Ltd at 00357 25 817171 and at Адрес электронной почты защищен от спам-ботов. Для просмотра адреса в вашем браузере должен быть включен Javascript.  to make an assessment of whether there is an obligation to register for VAT based on the new instructions.

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Globalserve Consultants Ltd based on its long experience offers the below services

  • VAT Consultancy
  • VAT registration
  • Preparation and submission of VAT returns
  • Deregistration of VAT registered companies

You can contact us for more information at 00357 25 817181 and at Адрес электронной почты защищен от спам-ботов. Для просмотра адреса в вашем браузере должен быть включен Javascript.

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CYPRUS TAX CALENDAR 2023 IN ENGLISH & GREEK