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March 7, 2018
On 27 September 2017, the Cyprus Supreme Court issued its decision in a case involving the application of VAT to ‘commitment contracts’ in the hotel sector where tour operators do not use all the pre-booked rooms. Facts The hotels and tour operators had entered into agreements on a commitment basis. Based on the provisions of...
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As from 13 November 2017, Cyprus VAT at the standard rate of 19% is imposed on the letting of immovable property. The relevant legislation was published on 13 November 2017 and on 2 January 2018 the Cyprus VAT Department released Interpretative Circular 220, which clarifies the following aspects of the new law with regards to...
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