CYPRUS: VAT rules for insurance and finance companies

New regulations establish the value added tax (VAT) rules for transactions involving the possession, repossession, and resupply of goods by insurance and finance companies.

The new measures concern:

  •     Transactions that are not to be considered as supplies of goods or services
  •     Use of second-hand margin plan
  •     Gifts of goods by taxable persons which are acquired either for consideration or without consideration

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