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Cyprus VAT Rate change

Cyprus announced today that it is set to increase its VAT rate in stages.  You may recall that it had one of the lowest rates (15%) some time ago, however driven by economic issues the VAT rate has risen steadily and is set to continue.

The latest rises have been imposed as part of a bailout plan by the EU, ECB and IMF.

  • The rate rose from 15% to 17% last year.
  • The next rise will be 1 Jan 2013 when it will increase to 18%
  • With a scheduled rise to 19% on 1 Jan 2014.

The reduced rate will also rise in 2014 from 8% to 9%.

 

 

Date: 10th December, 2012
Author: Richard Collier

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