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Cyprus V.A.T. and Other Taxes

Value Added Tax

In most cases, VAT is 15%.
There are reduced rates of VAT of 5% and 8% that refer mainly to food and agricultural products.books, newspapers, rural transportation etc.
VAT is charged on assets and services in Cyprus as well as on imports into Cyprus.
Exports are not subject to VAT.
There is a liability for VAT when the annual turnover is in excess of EUR 15,377.

Inheritance and Gifts Tax:

There is no tax on gifts.
Inherritance tax, estate duty, was abolished in Cyprus.

Cyprus Immovable Property Tax

The tax is imposed on the real estate market value.
The tax rates are 2.5%-4%.
Property having a value of less than EUR 170,860 is tax exempt.
The tax is paid each year on 30 September.

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