Important VAT Update for B2B Customers of Ezbuy Ltd (Best Buy Cyprus)
Ensure your VAT status for VAT-free shopping at Best Buy Cyprus!
We would like to inform you of an important update regarding VAT regulations that will affect all B2B transactions with Ezbuy Ltd (Best Buy Cyprus). As per the recent amendment to the VAT law, specifically Article 11E, as of October 1st, 2020, certain goods purchased by VAT-registered businesses (B2B) in Cyprus will be exempt from VAT under the reverse charge mechanism.
What Does Article 11E Include?
- Mobile phones
- Gaming consoles, tablets, and laptops (excluding desktop PCs with a tower)
- Integrated circuit mechanisms, such as microprocessors and central processing units (before they are incorporated into other end products)
Important Conditions
- This exemption applies only to businesses registered for VAT in Cyprus.
- VAT will not be charged on the above-listed goods when sold to VAT-registered businesses, and the reverse charge mechanism will apply. This means that you, as the customer, will account for the VAT on the transaction.
To ensure we comply with the new legislation and process your orders correctly, please follow the steps below.
Next Steps for Ezbuy Ltd (Best Buy Cyprus) Customers:
- Create an Account: If you have not already registered with Ezbuy Ltd (Best Buy Cyprus), please create an account on our website. During the account registration process, you will need to enter your company name and VAT number.
- Upload Your VAT Certificate: As part of the registration process, it is mandatory to upload a copy of your business VAT certificate. This is necessary for us to validate your VAT registration status and apply the reverse charge mechanism correctly. Without this document, we cannot proceed with the VAT exemption process.
- Apply for Approval: After completing your account registration, please log into your account and apply for VAT exemption approval. This will ensure your account is updated, and we can apply the reverse charge mechanism to your future transactions.
- Submit Your VAT Details: Ensure that your VAT number, company name, and VAT certificate are correctly filled in during registration. Without this information, VAT will be charged on your purchases.
If we do not receive your VAT registration details or approval request, Cypriot VAT will be applied to your transactions. Therefore, it is crucial that we receive your updated VAT number and certificate to process your purchases under the reverse charge mechanism.
For more information on the reverse charge mechanism and this amendment, please visit the VAT Tax Department’s website or refer to Interpretive Circular 242.
We appreciate your cooperation in ensuring that we can comply with the new VAT regulations. Should you have any questions or require assistance, please feel free to reach out to our support team.
We are committed to ensuring a seamless shopping experience for you!