Navigating the global tax compliance landscape successfully is complex and resource-intensive. Every country has a specific and constantly evolving set of legislated e-invoicing requirements.
Non-compliance, intentional or not, can result in significant financial penalties, business disruption, and reputational damage.
Cyprus is looking to implement some changes around e-invoicing in the sphere of public procurement. The current framework is covered by the scope of Public Procurement Law (89(I)/2019).
There are some proposals under review from the Cypriot Ministry of Finance, including making e-invoicing mandatory for transactions in the public sector. These proposals have been published for public consultation.
It is intended that the proposed amendments to the law will come into force from 1 January 2022, although it is slightly uncertain at the moment whether this will go ahead, due to the legal and administrative procedures which need to be followed.
The relevant provisions of the law cover central governmental entities and the remaining public agencies as defined in the legislation. Certain sectors will be exempt from the obligation to use e-invoicing.
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