Value Added Tax was introduced in Cyprus in 1st of July 1992. The local name for VAT is Fóros Prastithémenes Axías (Φόρος Προστιθέμενης Αξίας) and the abbreviation is ΦΠΑ (FPA).
The VAT legislation in Cyprus is based on the European model of VAT and is administered by Cypriot Ministry of Finance.
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