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Cyprus  being an EU member state falls under the EU VAT regime. Member states must adopt EU VAT Directives into their own legislation.

Standard VAT Rate: 19%

Reduced VAT Rate: 5%, 9%

Registration Threshold Distance Selling: 35,000 €

EU VAT number format: CY99999999L

Registration Threshold

Resident - EUR 15,600                             
Non resident - EUR 15,600                     
IC Acquisitions - EUR 10,252     

VAT Registration

As from 1 January 2008, the registration thresholds for non-resident businesses in Cyprus are the following:

  • Taxable supplies: EUR 15,600 (previously CYP 9,000)
  • Intra-Community acquisitions: EUR 10,251.61 (CYP 6,000)
  • Distance sales: EUR 35,000 (previously CYP 20.000)

VAT Compliance

Detailed rules regulate reporting requirements of Cypriot transactions for Value Added Tax purposes. These include: invoice requirements, timeliness for an invoice to be issued, invoice and credit notes corrections rules, foreign currency reporting requirements and exchange rate sources, correction of previously submitted returns and accounting records that must be maintained for VAT purposes. 

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VAT Returns

VAT returns are in general made on a quarterly basis.

However, the VAT Commissioner may allow businesses to file monthly returns OR to demand monthly returns. Currently, the VAT Commissioner has asked a number of tax payers to submit monthly returns instead of quarterly.

Annual returns can be allowed for businesses with a VAT refund position but only upon prior approval of the VAT Commissioner.

The time limit for filing the VAT return is by the 10th day of the month next following the month in which the VAT return ends, (period of approximately 40 days)

Intrastat and EC Sales Lists

The Intrastat discloses details of movements of goods between Member States which take place for commercial reasons, recording the movement whenever goods enter the territory of Cyprus from other Member States or leave it to other Member States.
Declaration must be filed monthly once the annual threshold is exceeded.

Intrastat declarations can be submitted in paper format. The due date for submission is the 10th day of the month following the end of the relevant month. For example fo the month of January, declarations must be submitted the latest by 10th of February.

The date of recording of arrivals and dispatches of goods must be included in the Intrastat returns is the month of arrival or dispatch of the goods to/ from Cyprus.

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Intrastat Thresholds

Full list of the Intrastat thresholds that currently apply in the EU 28 Member States

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