Review of Value Added Taxation in TRNC
The value added tax system in North Cyprus is somewhat unique. It has a very high degree of legal coverage of goods and services in the economy and instead of exempting certain sectors from taxation; they are taxed at lower rates. At the same time the administration of the tax relies heavily on the characteristics of North Cyprus that arise because it is a small island economy. Overall the tax design of the VAT in the TRNC is one of the most comprehensive in the world, and its evolution to date has been to strengthen rather than weaken the value added tax system. In many ways it is a legal model that could be followed by many developing countries facing similar economic circumstances. However, the resolve of the government to administer the system according to the design has certain deficiencies. In this paper we discuss the strength and weaknesses of taxing system in TRNC and offer some recommendations.
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