VAT Tax in Cyprus
Cyprus VAT Tax – Income Tax Departments Merge: The Cyprus Government in its drive for Tax reforms in the country and in its efforts to assist local and offshore companies to work more efficiently and cost effectively, has decided to merge the Income Tax Authority with the Cyprus VAT Tax departments . This way Cyprus Companies will be able to save time and costs. Taking into account that the Cyprus Vat Tax Rate is one of the lowest in the EU, foreign companies can use Cyprus as their operations base to access the markets in the European Countries. Cyprus Vat Tax Rate is not intended to be increased in the near future.
However obtaining a Cyprus Vat Registration Number is already very fast and low cost. Our firm can get your Cyprus Vat Registration Number in 48 hours, unlike other EU countries in which you could spend weeks. The Cyprus Vat Registration will show in the EU Vies System in just 4 days. Cyprus Vat Registration fees are comparatively low, most of the providers charging between 150-400 Euro for the whole process of registration and obtaining the Cyprus Vat Registration Certificate.
The Cyprus Government taking into consideration administration problems leading to increase personnel costs, has decided to build one body which will merge the Cyprus Vat Authority and the Cyprus Income Tax Departments. This entire procedure is another part of the fundamental changes that has as a goal to restructure public administration while giving a boost to legal foundation and making easier all the relative procedures. Thus Cyprus Vat Tax and Income Tax will be more cost effective services for all Cyprus Companies which will enjoy Cyprus Vat Services fast,easy and fuss free.
A draft plan is to be submitted for approval by the ministry. Describing this new section it was said that it has a positive influence on state revenues, especially because of the fairer allocation of tax burdens.
The amendments are divided into two parts, the “short term” and the “long term”. The first one i.e. the “short term” amendments are scheduled to be made by the end of 2013 and will involve enacting legislation to reinforce the tax collection, voluntary consent by taking on personal responsibility for the settling of company taxes, balancing legislation between the types of tax, so it becomes a criminal offence if taxes are not paid, enhancing the powers of the Cyprus Vat Tax and the Income Tax Authorities to guarantee settling of outstanding tax debts by obtaining the power to take corporate assets and not allowing alienation or use of assets, which includes either property or bank accounts owned by the taxpayer.
The longer term amendments will include risk management and the foundation of a new unified function based tax administration, merging the present Cyprus Income Tax Department and the Cyprus VAT Tax. The Cyprus Government is also planning to pass bill in order to change the present pre-assessment confirmation of the income tax returns and reform it into a post-assessment audit, chosen on the ground of risk combined with an audit program for large taxpayers. Thus Cyprus Accountants will have a much easier jog to do and accounting and audit services will normally be more cost effective.
The Cyprus Government is aiming to complete this project in the year 2014.
Our Law Firm offers comprehensive Cyprus Vat Services to all our clients. We can get you a fast Cyprus Vat Tax Registration. Within 48 hours you can have a Cyprus Vat Registration Number and in a few days you can have your Cyprus Vat Registration Certificate.
For more information about Cyprus Vat Services and Cyrpus Vat Tax follow this link: Cyprus VAT Tax
If you need any Cyprus Vat Services please call or email us and our Vat Services Experts will respond to your request within the day.