CyprusAccounting and Audit
Goods imported into Cyprus from overseas are subject to customs duty. The rates (EU and general) vary with the classification of the goods imported, from 0% on woollen products originating from Commonwealth countries, to 60% on some prepared goods for domestic pet animals from countries outside the EU. Goods which carry high import duties are mainly confectionery, whisky, cosmetics, clothing, fabric, television sets, videos, motor vehicles and furniture. Almost 50% of imported goods are duty-free, the main categories of such goods being food, raw materials for manufacturing, agriculture and other industrial activities as well as machinery and equipment used in the manufacturing and catering industry. Excise taxes are imposed on a limited number of categories of goods, mainly cigarettes, petrol and motor vehicles, alcohol and soft drinks. A temporary refugee charge is levied on most imported goods and varies from zero to 6% on the value, with preferential treatment on imports from
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