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Cyprus To Cut VAT On Tourism Services

Tuesday, November 10, 2020

Cyprus's 2021 Budget includes a proposal to lower the VAT rate temporarily on tourism services.

The Budget provides that a reduced rate of five percent should apply to tourism services in the period July 1, 2020, until December 31, 2020, down from nine percent.

Separately, a proposal has been put forward by the Parliamentary Committee on Finance to allow taxable persons to pay their VAT dues in six monthly instalments, until April 2021, without the imposition of interest.