05.20
VAT COVID-19 - GOVERNMENTAL MEASURES
measures to support economy and workforces

Tax Updates

On the 27th of May 2020, the Government announced a package of measures to support the economy and workforces affected by the Coronavirus pandemic.

One of the measures refers to VAT and more specifically to the reduction of the VAT rate applicable on tourism accommodation and catering sector services from 9% to 5%, for the period from 1 July 2020 to 10 January 2021, in an attempt to strengthen the tourism sector.

No reference was made if the new package of measures requires the approval of the Parliament.

We shall get you updated as soon as more information is available.

 

Contact Person:

Demetra Constantinou
Partner – VAT Department
Demetra.Constantinou@kinanis.com
VAT@kinanis.com