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With an announcement from the Tax Department, the zero rate for products and services related to the COVID-19, ceases to apply. Starting from 01/01/2023 the below VAT rates will enter into force:
- 5% VAT for vaccine deliveries related to the disease;
- 19% VAT for:
- Deliveries of in vitro diagnostic medical technology products
- Services related to these products, unless they fall under the excluded transactions (based on the Seventh Appendix of the VAT Legislation)
However, the Tax Department announced a few days later that for the period 13/01/2023 – 31/03/2023 the vaccine deliveries and the deliveries of in vitro diagnostic medical technology products will eventually fall under the zero VAT rate (0%). For additional information or assistance by our local advisors please contact Mr. Nikolaos Lioufis, Invoicing & Collection Manager, at our Eurofast office in Cyprus at nicosia@eurofast.eu
Eurofast is a regional business advisory organization employing local advisors in over 24 cities in South East Europe & the Middle East (SEEME). The Organization is uniquely positioned as a one-stop-shop for investors and companies looking for professional services in Tax & Transfer Pricing – Payroll & Employment – Accounting & Audit – Advisory & Corporate.
Nikolaos Lioufis
Invoicing & Collection Manager
Eurofast Nicosia
nicosia@eurofast.eu