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Cyprus VAT credit policy improvements


Cyprus VAT credit policy improvements

The Cypriot tax authorities have confirmed that tax payers will receive VAT credit refunds from their VAT returns in a shortened period, or be entitled to a interest on any outstanding amounts.

From February 2013, the VAT office will be obliged to refund credits within four months of the submission of a VAT return or application for credit.  Failure to do so will result in an interest charge, payable to the applicant, based on the official Bank of Cyprus' lending rates.  The change has now been incorporated into the existing VAT Law.


VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.