Cyprus extends domestic reverse charge to precious metals

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.

Supplier requirements

Taxable person at the moment of the supply

Customer requirements

Taxable person at the moment of the supply

Scope

Supplies 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.