VAT going up to 19 per cent

VAT will rise one percentage point from 18 per cent to 19 per cent from January 13, while the reduced rate of VAT will go up 1.0 per cent to 9.0 per cent.

The increase does not affect products and services which are subject to the reduced rate of 5 per cent VAT or to anything currently zero-rated VAT, the VAT services said in a statement.

Legal persons affected by the change are obliged on the day before the increase to make an inventory of their stock. The inventory should be recorded in a special registry and kept for a period of six years, the services said.

 

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.