VAT increase to 18%

The House of Representatives voted a number of new amendments in December 2012 in order to strength public finance and also to deal with the Memorandum of Understanding between the Republic of Cyprus and Troika one of the Tax amendments is on the Value Added Tax (VAT).

With the new amendments the VAT rate will be increased to 18%, from 17%, as from 14th of January 2013 until 12th January 2014, and to 19% from 13th of January 2014.

Furthermore, the reduced VAT rates increases, as from 13th of January 2013 to 9% from 8%, which apply to services offered by hotels and restaurants.

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