Your accountant takes care of all VAT-related filings. You do not need to calculate anything, fill in any forms or submit anything to the Tax Department yourself.
Your quarterly VAT return
Every 3 months, your accountant works out how much VAT your business collected from customers and how much VAT you paid on purchases. The difference is what you owe the government (or what the government owes you). Your accountant calculates this, prepares the return and files it with the Tax Department.
Important: Make sure all your invoices and bills for the quarter are in cybooks before the deadline. Your accountant will let you know if anything is missing.
Selling to businesses in other EU countries
If you invoice businesses that are registered for VAT in another EU country (for example, a company in Germany or France), there is a monthly report that tells the Tax Department about those sales. This is sometimes called a VIES return. Your accountant files this automatically based on the invoices in your books.
Selling online to consumers across the EU
If you sell products or digital services online to individual consumers in other EU countries, you may need to charge VAT at the rate of the country where your customer lives. Instead of registering for VAT in every EU country, there is a system that lets you report and pay everything through Cyprus. Your accountant handles this return for you.
Tip: Not sure if this applies to you? Ask your accountant. They will check your sales and let you know.
Shipping physical goods to or from the EU
If your business sends or receives physical goods to or from other EU countries above a certain value, there is a statistical report that needs to be submitted. Your accountant prepares and files this for you.
What do you need to do
Just one thing: make sure your sales invoices and purchase bills are uploaded to cybooks. Your accountant does the rest.