Like all EU member states, the Cyprus VAT reporting calendar is on an annual basis.  Quarterly VAT returns are usually required.

If a company is registered on VAT, they must charge VAT on eligible sales (output VAT) and can reclaim the VAT on any purchases made by the business (input VAT).

In addition to declaring sales or output VAT in Cyprus, companies can offset this by the corresponding input or purchase VAT.

A VAT report is a financial document that summarizes a company’s VAT-eligible transactions over a specified accounting period, helping the company complete their VAT Return.

A VAT report supports the VAT Return process by listing all the information related to a company’s input and output VAT and calculating the overall amount of VAT the business should pay or reclaim.