Cyprus abandons COVID-19 VAT cut
- Mar 20, 2020 | Richard Asquith
Cyprus has abandoned an intial coronavirus crisis plan to cut in its standard VAT rate from 19% to 17% until May 2020. It will instead resort to tax payment delays.
In addition, there will be a two-month VAT payments holiday for businesses with a turnover below €1million per annum. After this time, a repayment schedule may be agreed for phased payments until November 2020. The fiscal boost is aimed at providing cashflow relief to businesses during the coronavirus COVID-19 outbreak.
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