The newly reformed value added tax in Cyprus, brought in as part of the country's accession process to the European Union, will be implemented from 1 February, 2002 to give the business and financial services sector enough time to get to grips with the new procedures.
Following complaints from members of Cyprus's Accountants Association, a House Finance Committee meeting which took place earlier this week decided to extend the launch of the revised VAT and agreed that a manual will be published detailing the new laws and regulations governing the tax.
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