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Cyprus announced a new reduced VAT rate on efficient energetic units installed in houses. This reduced rate of 5% is part of the program to promote housing renovation and improve energetic efficiency.
VAT rate changes are often introduced with little time to adapt your ERP system and update your reporting processes. When adapting your system, it is important to cover scenarios like credit notes, advance payments or continuous supplies of goods or services. Marosa can assist multinational companies adapting to these changes from an statutory and systems perspective.