VAT is a tax charged on most of the business-to-business and business-to-consumer transactions in all member states of the European Union, as well as a growing number of other countries.
Cyprus is a member of the European Union. The significant feature of Cyprus legislation is the Cyprus Value Added Tax Law 95(I) of 2000 (“the VAT Law”), which has been updated in accordance with EU law. VAT legislation is also interpreted using secondary legislation and regulations. The main VAT legislation are the Value Added Tax (General) Regulations of 2001.
Source GVC
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