Philippou Law Firm — VAT / VIES / OSS / IOSS

Select ONE best answer for this question. A Cyprus-established business must normally register for Cyprus VAT when:

• Taxable turnover exceeds the threshold in any rolling 12-month period (or is expected to exceed it soon)

• It opens a bank account

• It hires its first employee

• It signs its first client contract

Select ONE best answer for this question. “Rolling 12-month period” means:

• January–December only

• Any consecutive 12 months (look-back)

• The financial year only

• Last 4 VAT quarters only

Select ONE best answer for this question. Voluntary VAT registration may be beneficial mainly to:

• Avoid VAT compliance

• Recover input VAT (where allowed) / strengthen compliance positioning

• Avoid keeping accounting records

• Avoid issuing invoices

Select ONE best answer for this question. VIES / EC Sales Lists (recapitulative statements) are primarily for:

• Domestic B2C sales in Cyprus

• Intra-EU B2B supplies of goods and certain cross-border B2B services

• Exports outside the EU

• Payroll reporting

Select ONE best answer for this question. OSS is mainly relevant for:

• B2B services to EU businesses

• Covered cross-border B2C supplies within the EU

• Share transfers

• Dividends

Select ONE best answer for this question. The EU-wide €10,000 threshold applies to:

• All services (B2B and B2C)

• Intra-EU distance sales of goods + cross-border B2C TBE services

• Imports into the EU

• Distance sales of imported goods

Select ONE best answer for this question. IOSS is designed mainly for:

• Intra-EU B2B consulting services

• Distance sales of imported goods (≤€150) shipped from outside the EU to EU consumers

• Domestic Cyprus retail

• Intra-EU acquisitions by businesses

Select ONE best answer for this question. Under the general rule, the place of supply for B2B services is:

• Where the supplier is established

• Where the customer is established

• Where payment is received

• Where the contract is signed

Select ONE best answer for this question. Under the general rule, the place of supply for B2C services is:

• Where the customer is established

• Where the supplier is established

• Where the customer’s bank is

• Where the service is advertised

Select ONE best answer for this question. Cyprus Co provides consulting to a private individual resident in Canada. What is the best starting VAT outcome?

• Charge Cyprus VAT

• No Cyprus VAT (outside scope)

• Report in VIES

• Report via OSS