27/06/2002 17:57
The plenary of the House of Representatives approved yesterday two bills providing for an increase of the Valued Added Tax (VAT) and the abolishing of a defence levy Cypriots have been paying to the defence fund.
The Value Added Tax will increase from 10% to 13% as of July 1, 2002 and to 15% as of January 1, 2003. The defence levy paid by the employees and the self-employed will be abolished as of June 1, 2002, but companies are still obliged to pay the levy.
The two bills were tabled before the plenary, as part of the tax reform promoted by the government, within the framework of Cyprus' harmonization with the EU laws and regulations.
The remaining bills that need to be approved for the implementation of this reform will be tabled before the plenary on July 1.
The Value Added Tax will increase from 10% to 13% as of July 1, 2002 and to 15% as of January 1, 2003. The defence levy paid by the employees and the self-employed will be abolished as of June 1, 2002, but companies are still obliged to pay the levy.
The two bills were tabled before the plenary, as part of the tax reform promoted by the government, within the framework of Cyprus' harmonization with the EU laws and regulations.
The remaining bills that need to be approved for the implementation of this reform will be tabled before the plenary on July 1.
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