VAT Calculator Cyprus

VAT was introduced in Cyprus in the year 1992 on July 1st. VAT is applied for provision and importation of goods and services. Initially, the rate was zero and from 13th January 2014, the rate was fixed as 19 %. This standard rate is applicable to all goods and services. A reduced rate of 9 % is applied to services like catering, transportation and hotel services.

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VAT was introduced in Cyprus in the year 1992 on July 1st. VAT is applied for provision and importation of goods and services. Initially, the rate was zero and from 13th January 2014, the rate was fixed as 19 %. This standard rate is applicable to all goods and services. A reduced rate of 9 % is applied to services like catering, transportation and hotel services.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

The exemption of VAT is applied to insurance, finance, hospital, postal, rental etc., TAX registration is compulsory for all companies having a turnover greater than €15,600 annually.

Example

Find the VAT price and net price in Cyprus (GST % is 19) for an amount of 25000 €

Add Tax

Solution :
GST % = 19
Amount = 25000

Step 1 :
GST Price = (25000 * 19 ) / 100
     = 4750 €

Step 2 :
Net Price = 25000 + 4750
     = 29750 €

Hence the VAT Price is 4750 € and Net Price is 29750 €

Remove Tax

Solution :
GST % = 19
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 19)))
                 = 25000 - (25000 * 0.84)
                 = 25000 - 21008.4
                 = 25000 - 21008.4
GST Price = 3991.6 €

Step 2 :
Net Price = 25000 - 3991.6
                = 21008.4 €

Hence the VAT Price is 3991.6 € and Net Price is 21008.4 €

The exemption of VAT is applied to insurance, finance, hospital, postal, rental etc., TAX registration is compulsory for all companies having a turnover greater than €15,600 annually.


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