The Purpose of Vies in Cyprus
The VIES (VAT Information Exchange System) is the VAT information exchange system with other MS within the framework of administrative cooperation between MS. The information exchanged includes details of registration in the VAT Register and information collected by persons registered in the VAT Register which deliver intra-Community supplies.
Obligations of traders under VIES: The provisions of the relevant EU legislation have been incorporated into the Value Added Tax Laws of 2000 to 2011 and require the persons registered in the VAT Register who make intra-Community supplies of goods or services to submit for each month the Recapitulative Statement until the fifteenth day (15) of the month following the month in which the Statement is referenced. In case of non-compliance, a pecuniary charge of fifty Euros (€ 50) is imposed. Failure which continues is a criminal offense punishable by a fine of up to eight hundred and fifty euro. (€ 850).
The legislation allows the Cypriot trader who has submitted a Recapitulative Statement to submit a Corrective Statement within one month of the end of the month in which the Recapitulative Statement is reported so that the necessary corrections are made in good time and correct data are sent to the other MS. If the corrective statement is not submitted within this deadline, a pecuniary charge of fifteen euro (€ 15) is imposed. The Corrective Statement is submitted only in printed form and in order to obtain the relevant form, the interested party can apply to the VAT Office of its District.
About McMillan Woods Cyprus Central offices are located in Nicosia Strovolos, Piraeus Street 36. 22 276000 [email protected] www.mcmillanwoods.com.cy