VAT amendments in Cyprus as from 1 March 2012

(a) Change to the standard VAT rate
As from 1 March 2012, the standard VAT rate will increase from 15% to 17%.

(b) Changes regarding the obligation to issue receipts
All taxable persons that supply goods or services are obliged to issue “legal receipts” which must state the date of issue, a receipt number, the name, address and tax registration number of the taxable person, a description of the goods or services supplied, the VAT rate and the total amount paid (including VAT).
In the case of non-compliance, severe administrative and criminal penalties may be imposed..

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