Registration with VAT Authorities
Registration is compulsory for every company or individual considered as taxable person in any of the cases below:
- A company or an individual has turnover more than €15.600 during the 12 preceding months or an expected turnover more than €15.600 within the next 30 days.
- A company or an individual with turnover less than €15.600 and companies which make supplies for which the right to claim the amount of the related input VAT is granted, have the option to register if they wish to do so.
- Acquisition of goods from other EU Member States more than €10.252 during any calendar year from a company or an individual creates an obligation for registration.
- An obligation for VAT registration arises for a company or an individual engaged in the supply of intra-community services for which the recipient must account for VAT under the reverse charge provisions. No registration threshold exists for the provision of intra-community supplies of services.
- Furthermore, an obligation for VAT registration arises for a company or an individual carrying out economic activities from the receipt of services from abroad for which an obligation to account for Cyprus VAT under the reverse charge provision exists subject to the registration threshold of €15.600 per any consecutive 12-month period.
- Finally, an obligation will arise if a company or an individual acquires a business on a going concern basis.
Registration is affected by completing the appropriate application form.
Registration of the companies with the tax authorities
As from the tax year 2011 companies which are incorporated or registered or become tax resident in Cyprus should register with the tax authorities and obtain a tax identification code within 60 days from their incorporation or registration or from the date that they become tax residents in Cyprus.
Registration of individuals with the tax authorities
For tax years up to 2019, physical persons are required to submit personal tax returns only when their gross taxable income exceeds €19.500. As from tax year 2021, this threshold was abolished and therefore all individuals may have an obligation to submit an individual tax return subject to announcement from the Council of Ministers.
An individual will be required to register with the Tax Authorities in order to submit his/her personal tax return.
