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
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