NEWS & LEGAL UPDATES

December 4, 2018

A. New VAT provisions

The Cyprus House of Representatives passed a Bill which amended Law N.95(i)/2000, imposing Value-Added Tax (VAT) on immovable property to ensure compliance with the EU VAT Directive 2006/112/EC.

1.  Activities regarding the lease of an immovable property for business use:

As per the new provisions, any lease of an immovable property to a taxable person within the scope of exercising a business activity attracts the VAT rate of 19%. However, this rate does not apply to an immovable property which it is used solely for residential purposes. This provision is not applicable to the rental agreements or leases which commenced on or after...

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