Value added tax
- All business are affected by VAT to some extent and a lack of awareness or understanding of the tax can lead to serious
problems. VAT is a tax on transactions, not their results. As its simplest, a business charges VAT on its sales and recovers the
VAT it pays on its purchases. However, many "sales" are exempt or taxed at a different rate and businesses frequently run into
difficulties when trying to apply complex rule to transactions which are not specifically covered by the legislation.
- VAT is administered by the Customs & Excise Department of the ministry of Finance, which has a wide range of powers and penalties at its
disposal. Getting it wrong can be very expensive.
- Expert advice is the key to protecting your business from VAT problems. To manage VAT effectively you need an adviser with the commercial
awareness and experience to understand your business, not just technical knowledge about the tax. The Nexia Poyiadjis VAT team has these skills.
- The vast majority of our work is consultancy rather than compliance. Our clients come to us for sensible, commercially realistic advice
and planning. We look for practical solutions, not avoidance schemes, and we maintain a good working relationship with the VAT Department .
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