MT Audit hereby informs that on 15 February 2021, the Cyprus Tax Authorities (CTA) issued a new Implementing Guideline (IG 10/2021) to clarify that a taxable person established in the United Kingdom will be able to register for VAT purposes or remain VAT registered in Cyprus without having to appoint a VAT fiscal representative or provide a bank guarantee to the CTA.
As from 1 January 2021, the United Kingdom is no longer considered part of the European Union and is thus considered a third country for VAT purposes. As a result, the protocol on administrative cooperation and combating fraud in the field of VAT and on mutual assistance for the recovery of claims relating to taxes and duties has been provisionally implemented (subject to final ratification by the European Union bodies).
MT Audit remains at your disposal for professional advice on how the above might impact your business as well as for any additional information or clarifications.
