Turnover taxes

Delivery of goods and rendering services in the territory of The Republic of Cyprus is subject to taxation according to one of the lowest tax rates of VAT in European Union in the amount of barely 17%. For comparison, the basic VAT rate in the countries of the European Union is in the range between 15% and 25%. The Cypriot legislature predicts also a preferential rate in the amount of 0%, 5% and 8%. Exempt from VAT is property rental, financial services, medical services, postal services and insurance services.