VAT Information Exchange System (VIES)

VIES declarations are required for the supplies of goods and services between EU Member States.

VIES statements must be submitted electronically through the TaxisNet system by the 15th of every month, for the previous month.

Penalties and Interest:

–   Late registration – €50 per month with maximum period of three months and thereafter legal action may be undertaken. The court may impose a penalty of up to EUR 850
–   Late submission of VIES declaration – €50 for every VIES return
–   Amendment of VIES declaration – €15 for every amendment

The VAT services include the following:

–   Registering companies in the VIES authorities in Cyprus
–   Advising clients on the regulations and obligations for VIES within the EU
–   Preparing and submitting the VIES returns to the relevant authorities