Non-compliance with VAT regulations can be costly and the fines for failure to comply with the legislation may result in excessive penalties. Vertu Projects Ltd makes sure to help clients by reviewing their VAT systems to determine their effectiveness. If these are found to be lacking, we help devise the appropriate strategies to mitigate future errors and reduce risks.Phase 1 Phase 2 Phase 3 Phase 4.
Trading companies engaged in general trading may register with the VAT authority in Cyprus which when trading within the European Union is mandatory. Registration is compulsory for businesses which have a taxable turnover from the supply of goods in Cyprus in excess of €15,600 during the twelve preceding months.
In addition to VAT returns, companies trading in Cyprus may be required to complete statistical reports, ‘Intrastat’, on the movement of goods across the national borders. This can include both sales to other companies, but also the movement of goods by the same company.
V.I.E.S. declarations are necessary for the supply of goods and services between EU Member States. VAT registered traders involved in the supply of goods and services have reported responsibilities in the form of submitting a V.I.E.S return. This enables traders to check the validity of VAT registration numbers of their customers and detect the unreported movement of zero-rated goods between Member States.
VAT is one of the most complex and stringiest areas of taxation with ever-changing Laws and Legislations. Our always up to date team will guide you to be in compliance with the laws and make sure you are updated with new legislations.
These fundamental values are the guiding cornerstones of every step we take towards your needs. Entities evaluate their business risks while targeting to reach their objectives.
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48 Themistokli Dervi, Centennial Tower, Office 501, 1066 Nicosia, Cyprus
