Cypriot VAT Increase

The standard value-added tax rate in Cyprus increased from 15% to 17% on 1 March 2012, as part of a package of measures aimed at reducing the country’s deficit to 2.8% of gross domestic product by the end of 2012.

Other measures include a new top personal income tax rate of 35% on annual income exceeding €60,000, an increase in the ‘Special Defence Contribution’ on certain dividends to 20% and higher immovable property taxes..

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