Thresholds and Penalties Amount in Euro (€)

1. Registration threshold (taxable supplies in Cyprus) 15.600

2. Registration threshold for distance sales (sale of goods to persons not subject to VAT registration in Cyprus, by suppliers resident in another EU Member State) 35.000 .

3. Registration threshold for acquisition of goods in Cyprus from suppliers resident in another EU Member State. 10.251,61

4. Registration threshold for intra-community supply of services no threshold.

5 Registration threshold for receipt of services from abroad for which the recipient must account for VAT under the reverse charge rovisions, 15.600.

6. Penalty for late submission of VAT return 51 for each return

7. Penalty for omission to keep books and records for a period of 6 years, 341

8. Penalty for late submission of VIES return 50 for each return.

9. Penalty for late submission of corrective VIES return 15 for each


10. Omission to submit the VIES return constitutes a criminal offence with a maximum penalty of 850.

11. Penalty for late registration with the VAT authorities.

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