The necessary changes to the value added tax procedures due to Cyprus' alignment with the European Union brought reactions from the Accountants association who claim that insufficient time was given for proper notification to tax payers and familiarisation with the new processes.

During the House Finance Committee meeting yesterday, it was decided that the government be asked to postpone the implementation date of the new procedures until the 1 February 2002. This is thought to give sufficient time for all involved to familiarise themselves with the new requirements. It was also decided that a manual be published containing the new regulations in relation with particular law articles to assist collection and payment of VAT.