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    • Zero VAT In Cyprus Fails To Prevent Price Hikes For Many Products:
    28
    Sep

    Zero VAT In Cyprus Fails To Prevent Price Hikes For Many Products:


    • In July 2023, 21% of products previously subject to zero VAT had higher prices than in April before the zero VAT rate was applied.
    • In July, 27% of products with zero VAT rates had higher prices than in May, even after the implementation of the zero VAT rate.
    • A whopping 83% of products with zero VAT rates were priced higher than the expected May prices, compared to the prices in April 2023 before the zero VAT rate took effect.
    • These findings raise questions about the actual impact of the zero VAT rate measure in Cyprus.
    • The Cypriot government has decided to extend the application of the zero VAT rate on essential goods for another six months, with coffee and sugar being added to the list of exempted products.


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    We are specialists in global indirect tax management. We help businesses to manage their worldwide compliance with respect to VAT/GST and similar taxes, effectively and economically. Essentia Global Services – European / International / Global vat tax compliance consultants and management agents. Essentia also provides VAT Training Courses and an EU VAT Number Lookup Platform. VAT Global Management & International VAT Registration.