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Margin schemes: second-hand goods, global accounting, and auctioneers (Cyprus)


12 Cyprus

Cyprus operates a special margin scheme for dealers in second-hand goods, as required by the Principal VAT Directive. The margin scheme enables the dealer to account for VAT on the margin between the buying and selling prices rather than on the full selling price of the goods. Use of the scheme is optional.

The eligibility criteria for use of the scheme are:

  1. Ìý

    •ÌýÌýÌýÌý the goods must be eligible;

  2. Ìý

    •ÌýÌýÌýÌý the goods must have been acquired in eligible circumstances;

  3. Ìý

    •ÌýÌýÌýÌý the margin must be calculated in accordance with the rules of the scheme; and

  4. Ìý

    •ÌýÌýÌýÌý the statutory record-keeping requirements must be observed.

Eligible goods include:

  1. Ìý

    •ÌýÌýÌýÌý second-hand goods, ie used goods that are suitable

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