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Economy

Greece’s Basic Value Added Tax 24%, But Cyprus Extends 0% Rate

September 14, 2023

NICOSIA – Cyprus will keep a 0 percent Value Added Tax (VAT) on essential goods for another six months as the country is on a path for record tourism – as is Greece, where the rate is 24 percent.

There are exceptions in Greece where a 13 percent rate applies to a host of products including fresh food but Prime Minister Kyriakos Mitsotakis said the government can’t afford to lower the 24 percent VAT in supermarkets.

On Cyprus, Finance Minister Makis Keravnos announced the addition of coffee and sugar to the list of exempted products and extension of no tax after the policy was due to expire at the end of October.

“The government’s policy revolves around targeted measures, which are not only more effective but also align with the fiscal framework and fiscal discipline required for our financial stability,” he said, reported The Cyprus Mail.

“Depending on how conditions evolve, the government will continue to implement measures to support those in need,” he said, without adding how much is being lost by not taxing covered products.

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