Input VAT is not recoverable in the cases noted below
- Entertainment expenses except where these are solely for employees;
- Purchase of saloon car unless used for qualifying purposes (i.e. resale, passenger transport for reward (taxi, bus), rental, or for driver instruction);
However, input VAT on running and maintenance expenses of saloon cars is allowable, to the extent the saloon car is used for business purposes;
- Accommodation expenses for entertainment purposes and for business associates – input VAT on accommodation expenses of employees is allowable;
- Remuneration-in-kind, as well as on fringe benefits for staff (provision of food and drink, accommodation, sporting and recreational facilities, salaries, transport for personal use, etc.);
- Corporate gifts exceeding EUR 17 in value per gift;
- Input VAT not in the name of the taxable person;
- Input VAT which was incorrectly charged to the taxable person;
- Any goods for which the taxable person is making use of any margin scheme; and
- Input VAT that is directly or indirectly attributable to insurance services or financial transactions, unless the recipient is based outside of the EU, or unless the entire input VAT is covered by the de minimis rules.
About McMillan Woods Cyprus
Central offices are located in Nicosia Strovolos, Piraeus Street 36.