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Cyprus News Agency: News in English, 11-01-10
CONTENTS
[01] FINANCE MINISTRY - NEW VAT 5%
[01] FINANCE MINISTRY - NEW VAT 5%
The Ministry of Finance announces that in order to comply with its EU
obligations, zero rated VAT in a wide range of food, medicine and
vaccines will be abolished as of the 10th of January 2011.
A press release by the Ministry of Finance says that food, medicine and
vaccines, which were taxable with a low VAT of 5% will not be affected,
following the approval of new tax legislation.
As of January 10th 2011, a VAT of 5% will be imposed on all food and
beverages, excluding alcoholic drinks, beer, wine and soft drinks,
which will have a VAT of 15%.
On the same date, zero rated VAT will be abolished on the delivery of
medicine and vaccines and a 5% VAT will be imposed.
Delivery of ready made or non ready made food or drinks excluding
alcoholic drinks, beer, wine and soft drinks- with or without transport
costs i.e take away, delivery, which have no other support services,
will also have a VAT of 5% as of the 10th of January, 2011.
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