Cyprus VAT Legislation: Amendment 161

Obligation to issue invoices and payment slips

According to new amendments to the VAT legislation as of January 16th 2012, all companies subject to paying VAT, i.e. selling goods or sevices to legal entities or individuals who are subject to the VAT regulations, are now obliged to issue invoices and payment slips.

The invoice must contain the following information:

  • Date of issuance.
  • Number of all invoices & slips, numbered and issued in ordinal sequence.
  • Description of goods supplied or services rendered.
  • The total amount of payments, including the amount of VAT.
  • The total amount for each item, including VAT, including paid and accrued.
  • Type of payment: cash, credit payments, deposits, etc.

Note: If you have invoices paid in cash, issuance of slips is not applicable.

Any company or individual that does not follow these requirements may be prosecuted in court.

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