Employment Law and Directives/ Labour Issues

 

September 2014
Inspection on Food and Drink Industries - September and November 2014

January 2014
VAT Update: Increase of Rates and Related Inventory Counts  
Effective from 13th January 2014, the standard and reduced VAT rates in Cyprus will increase from 18% to 19% and from 8% to 9% respectively.  It is mandatory that all taxable persons subject to the aforementioned changes perform a physical inventory count to include both quantities and valuation upon the close of business on 12th January.  The final inventory report should be maintained for a period of 6 years.

In the case were a continuous electronic inventory system is used, a physical inventory count is not mandatory.

Credit notes which will be issued after 13th January 2014 and relate to invoices which were already raised before that date shall apply the VAT rate which was applicable at the date of supply of goods or services.

Furthermore, agreements which were executed before 13th January 2014 and continue to be in force after the increase of the standard rates, only those goods and services supplied after the effective date will be subject to the increased standard VAT rates. Any payments received after the increase of the standard VAT rates and relate to services or goods supplied prior to the effective date, shall apply the VAT rate which was applicable at the date of supply of goods or services.  

Finally, important to note that any goods or services which are currently subject to the reduced VAT rates of 5% and 0% respectively will remain unaffected.  

January 2014
Changes to the special levy on gross salaries
The Special Levy on gross salaries and pensions of private and public sectors, as well as self employed earnings which was introduced in 2012, will continue to be applicable until 2016. The lower rate of 2.5% will be applicable on amounts starting from EUR 1,500 instead of EUR 2,500 as it was in 2013. More specifically;
From €0-€15000%
From €1501-€25002.5%
From €2501-€35003%
From €3501- above3.5%
These are effective from 1 January 2014.


December 2013

Announcement on Asbestos Exposure in the workplace by the Department of Labour Inspection       


October 2013
Social Insurance Contribution
  

August 2012
The Cyprus Employment Law Tool