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Obligations

According to the VAT legislation, every taxable person is liable, among others, to:
(i) Be registered if the value of taxable supplies of goods or services exceeds the thresholds as set by the VAT Law.
(ii) Notify their liability to be registered within 30 days of the date that the liability emerged.
(iii) Notify the termination of taxable supplies or of the intention to make taxable supplies within 60 days of the date of the termination.
(iv) Pay a levy of 85 for every month or part of month of the delay or refusal or omission to comply with point (i) and (ii) above and €85 for the delay or refusal or omission to comply with point (iii) above.
(v) Submit tax declarations not later than the 10th day following the end of the month following the end of each tax period.
(vi) Pay the tax due not later than the 10th day following the end of the month following the end of each tax period.
(vii) Pay a levy of €51 for the delay or refusal or omission to submit a tax return.
(viii) Provide other taxable persons with tax invoices.
(ix) Retailers must issue a tax invoice, if the customer is a taxable person and asks for one and if the consideration exceeds €85.
(x) Issue tax invoices at the prescribed time.
(xi) Pay any amount that has been assessed or reassessed by the VAT Commissioner.
(xii) Produce certain documents relating to input tax upon request by the VAT Commissioner.
(xiii) Give such amount of security, upon request by the VAT Commissioner, for that amount of tax payment.
(xiv) Not make any taxable supplies, if the VAT Commissioner requires so, unless the taxable person furnishes the VAT Commissioner with any form of security for securing payment of the tax concerned.
(xv) Pay any amount that has been charged as VAT on an issued invoice.
(xvi) Pay an additional levy equal to 10% of the amount which the taxable person neglects or refuses to pay.
(xvii) Pay interest at 5% in cases where the taxable person continues to neglect or refuses payment of any amount due after 30 days.
(xviii) Keep books and records for the purposes of verifying the supplies of goods or services which the taxable person makes or receives.
(xix) Provide every facility that may be required by the VAT Commissioner for the purpose of examination by any person authorized by the VAT Commissioner of any books and records.
(xx) Preserve books and records for at least six years, unless the VAT Commissioner fixes otherwise.
(xxi) Pay a levy of 85 for the omission to comply with the above – points xix and xx.
(xxii) Notify the VAT Commissioner of such facts and information in respect of any change or alteration of circumstances and conditions of the business.
(xxiii) Furnish to the VAT Commissioner such information relating to the goods or services or the supplies of goods or services or importation.
(xxiv) Produce for inspection and search at such time and place as may be reasonably required any documents relating to the business.
(xiv) Pay a levy of €85 for the omission to comply with the above – points xxiii – xiv.
(xxvi) Provide samples of goods to enable the correctness of their tax treatment to be examined.




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