Value Added Tax 2012

here are the following tax rates:

Zero rated 0% - export sales (to countries with in EU as from 01/05/2004) ship management services

Reduced rate 5% - books, newspapers, non-bottled water, supply of food, hotel accommodation, rural and tourist buses, supply of medicines, hairdressing, renovation and repairs

Reduced rate 8% - tourist, excursions, interurban bus services, transport
of passengers by taxi, supply of food, sea transport.

Standard rate (Until 29/02/2012) 15% - (From 01/03/2012) 17% - Provision of goods and services in Cyprus; importation of goods, into Cyprus from third countries (i.e. outside EU)

Registration to VAT is compulsory for all entities (partnerships, self-employed people, limited liability companies, Cyprus international companies, societies, club, institution, etc.) with an annual turnover of at least €15.600 or it provides services to registered persons in other EU member states (effective from 01/01/2010).

Submission of VAT returns is done quarterly and the payment of the VAT must be made by the 10th day of the second month that follows the month in which the tax period ends.