Cyprus – Increase VAT rate January 2014

From the 13th of January 2014 the standard VAT rate in Cyprus will increase from 18% to 19%. The reduced VAT rate will increase to 9%. This is being done to aid the current economic crisis in Greece. The government agreed to make these VAT changes so as to secure beneficial loan terms with Russia. The government also had to make these VAT changes in order to keep to the terms made by the Troika as part of the bail out.

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