Επιβολή μηδενικού συντελεστή Φ.Π.Α. σε βασικά είδη από 1η Νοεμβρίου 2023
Imposition of a zero VAT rate in essential items from 1 November 2023

September 30, 2023 / Indirect Tax News Ελληνικά Έμμεση Φορολογία

The Department of Taxation informs that the Council of Ministers at its session on September 13, 2023 approved the issuance of a Decree to amend the VAT Act. Legislation, so that a zero VAT rate is imposed in some basic items from November 1, 2023 to April 30, 2024 as follows:

1. Bread: all types of bread fresh or frozen with or without sourdough (e.g. white, black, wholemeal, multigrain, rustic, rye, cornbread, baguette, ciabatta, sliced bread, loaves, pittas). Pastries, dried goods and any bread with additional ingredients such as e.g. raisins, nuts, aromatics.

2. Milk: fresh milk (e.g. cow’s, goat’s, sheep’s), sweetened, condensed, long-life, flavored milk (e.g. chocolate, banana), plant-based milk (e.g. almond, soy, rice).

3. Eggs

4. Baby food: in powder, dry or even liquid form which are intended for consumption by children. Snacks (e.g. chips, nuts, candies, chocolates, ice creams) are not included.

5. Baby diapers

6. Products for feminine hygiene protection (tampons, sanitary pads and incontinence pads)

7. Adult diapers

8. Coffee: unroasted, roasted beans, ground, powdered, instant coffee, flavored coffee, caffeinated or decaffeinated in any packing. (Does not include ready-to-eat drinks or beverages that have coffee as a raw material and are consumed cold or hot)

9. Sugar: crystalline (white, brown, black), fine (powdered), coarse, cubed, in sachets. It is reminded that, for items 1-7 above, a zero VAT rate is already imposed since 5/5/2023.

 

Neoklis Epaminondou

Managing Director and Founder

Neoklis is the Managing Director and Founder of Epaminondou & Co Audit Services Ltd and Arlon Consultancy Ltd, bringing over two decades of experience in accounting, tax advisory, business consultancy, and relocation services. He is a licensed Audit Practitioner, an Approved Compliance Officer, a Payroll Specialist, and an ADIT student. Neoklis is renowned for delivering high-quality tax advisory services, alongside expert business analysis, risk assessment, and business relocation solutions.

In his advisory role, Neoklis has been instrumental in structuring M&A deals, conducting financial due diligence, preparing tax memos, and managing complex tax reporting for both local and international clients. He has also played a key role in assisting businesses with their relocation to Cyprus, leveraging the country’s attractive tax incentives as one of Europe’s leading business hubs.

Neoklis is a Fellow Chartered Certified Accountant (FCCA) and holds a Master’s in Finance and Investments from the University of Exeter. He is an active member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC). Additionally, Neoklis is an honorary member of the Cyprus Payroll Association, an approved mediator, and an educational trainer. Recently, he obtained the Approved Compliance Officer Certificate (AML) from AICA and successfully passed the Cyprus tax paper as part of the ADIT Qualification.

Email Facebook LinkedIn
Our Profile
Download