I have been in Cyprus for one year and am opening a new restaurant. When do I need to consider VAT registration?
A trader is required to register if his taxable turnover;
- at the end of any month the value of taxable supplies for the 12 months then ended exceeds €15600, such calculation being applied at the end of every month
- at anytime there are reasonable grounds to believe that the value of taxable supplies in the next 30 days from that point in time will exceed €15,600. Under this test, a trader who starts a new business with reasonable expectations may give rise to registration immediately.