VAT in Cyprus to rise from 18% to 19% in January

The VAT Service announces that value added tax will increase to 19% from 18% from January 13, 2014 onwards.

Meanwhile the reduced-taxed rate for certain goods and services will also go up to 9% from 8%. However, the increase does not affect products and services which are subject to a reduced 5% VAT or zero VAT. At the same time, it is noted that legal persons who are 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.

Source: Financial Mirror