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Stock-taking procedure
The provisions of the Assessment and Collection of Taxes Law, as well as the Value Added Tax (VAT) Legislation require all entities that maintain stock at the end of the year (including raw materials, finished goods and work-in-progress) to perform a stock-take.
This common periodic procedure includes assessing and recording the amount and value of stock held as at the year-end.
Failure to comply with the law requirements, may lead to the imposition of penalties or/and could result to the rejection of the Tax Declaration by the Tax Commissioner.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
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+357 22 100 192
Managing Director