Cyprus VAT Legislation – Update 161

OBLIGATORY ISSUE OF VAT INVOICES AND RECEIPTS

According to the new amendments in VAT Legislation dated January 16, 2012, all Cyprus VAT Registered Companies are obliged to issue invoices and receipts when they are trading (in goods and services) with non – VAT registered companies and/or individuals.

The invoice should include the following:

i.        Date – when the invoice was issued

ii.        A number – all invoices and receipts are required to be numbered and to be issued in sequence

iii.        A description of the goods delivered or services provided

iv.        The total amount payable including VAT amount

v.        For every item include the VAT percentage, the total amount payable including VAT and the VAT amount that is calculated

vi.        Include the method of payment – by cash, on credit, deposit, etc

Please note that when a Cash Invoice is issued it is not required to issue a receipt. The receipt is substituted by the cash invoice.

Any company or individual that does not comply with these requirements will be prosecuted.