As announced last year in Cyprus the standard and reduced value added tax rates were increased by one percent from January 13, 2014. The standard VAT rate of 18% was increased to 19% and the reduced rate of 8% was increased to 9%.
Cyprus earlier increased its standard rate from 17% to 18% with effect from January 14, 2013. These two hikes of standard rates were agreed as part of a series of obligations, included in the €10 billion bailout the island agreed with its international lenders in March last year.
Despite the VAT raise Cyprus continues to have the third lowest VAT rate in the European Union, following Malta with 18% and Luxemburg with 15%.
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