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Cyprus News Agency: News in English, 11-01-10

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] FINANCE MINISTRY - NEW VAT 5%

  • [01] FINANCE MINISTRY - NEW VAT 5%

    The Ministry of Finance announces that in order to comply with its EU obligations, zero rated VAT in a wide range of food, medicine and vaccines will be abolished as of the 10th of January 2011.

    A press release by the Ministry of Finance says that food, medicine and vaccines, which were taxable with a low VAT of 5% will not be affected, following the approval of new tax legislation.

    As of January 10th 2011, a VAT of 5% will be imposed on all food and beverages, excluding alcoholic drinks, beer, wine and soft drinks, which will have a VAT of 15%.

    On the same date, zero rated VAT will be abolished on the delivery of medicine and vaccines and a 5% VAT will be imposed.

    Delivery of ready made or non ready made food or drinks excluding alcoholic drinks, beer, wine and soft drinks- with or without transport costs i.e take away, delivery, which have no other support services, will also have a VAT of 5% as of the 10th of January, 2011.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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