Reverse charge for unprocessed and semi-processed precious metals
A Decree (No. 152(I)/2022) was published in the Official Gazette on October 7, 2022. According to the Decree, the buyers of specific unprocessed and semi-processed precious metals, as defined in the Cyprus VAT Law, must account for VAT in Cyprus in accordance with the provisions of the reverse charge.
Since both the seller and the buyer are taxable individuals for VAT purposes and the buyer purchases the items for business purposes, sellers are therefore not required to charge VAT on the sale of such goods.
The Cyprus Organization of Marking of Articles of Precious Metals Law also mandates that buyers keep written records of all used goods acquisitions for a period of six years.
For such transactions, standard VAT deduction rules will apply.
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