Cyprus extends domestic reverse charge to precious metals
Cyprus extends domestic reverse charge to the purchase of raw and semi-finished precious metals. This is effective since 7 October 2022.
Cyprus extends the scope of domestic reverse charge to the purchase of raw and semi-finished precious metals. This update is effective since 7 October 2022.
See the official Decree here.
Therefore, if the product falls under the category of raw and semi-finished precious metals, the reverse charge mechanism applies provided that:
- Both the supplier and customer are taxable persons – B2B transaction.
- The purchase has a business purpose.
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Supplier requirementsTaxable person at the moment of the supply
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Customer requirementsTaxable person at the moment of the supply
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ScopeSupplies of raw and semi-finished precious metals for a business purpose
Companies and businesses purchasing raw and semi-finished precious metals must keep a record book of these transactions for six years.
Learn more about reverse charge in our dedicated article.