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All reports tagged with: "VAT"

Imposing VAT on land sales

Cyprus is facing hefty fines from the European Commission if it does not impose VAT on land sales, but the imposition of VAT will have knock-on effects on the property market and the banks.

Reduced VAT for home renovations

The Cyprus government plans to lower the VAT for all home renovations from 19 per cent to 5 per cent in a move that is expected to be ratified at the next meeting of the cabinet.

Thirty companies owe €100m in VAT

The Greek language newspaper Politis has published the names of thirty companies who together owe the more than €100 million in VAT most of whom have challenged all or part of the debt.

VAT on property purchases

Although the standard rate of VAT in Cyprus was increased to 18 per cent on 14th January 2013, concessions are available for those buying property as their first and primary residence.

VAT law protest by building industry workers

Following a warning in May that the construction industry would take “dynamic measures”, workers staged a demonstration outside parliament last Thursday over the new VAT laws that threaten their survival.

Tax incentives expanded and extended

The government has expanded the 5 percent VAT payable on new homes used as primary residences to include non-EU citizens and has extended the Property Transfer Fee reduction/suspension until the end of the year.

Building industry warns of action over new VAT law

The island’s Employers and Industrialists Federation has called for the immediate abolition of the new VAT law, warning that failure to do so will lead to the construction industry taking “dynamic measures”

VAT reduction for first-time home buyers agreed

A compromise deal has been reached on a reduction in the VAT payable on new homes by first-time buyers. The law will come into effect on 1st October.

Reduced VAT for first-time home buyers

Discussions on reducing the VAT paid by first-time home buyers are continuing and they may form part of the Cyprus government’s second package of austerity measures designed to shore up the Island’s economy.

Claim back Cypriot VAT on property purchase

Under the Special Grant for Purchasing or Building a Residence, Law N.91(I)/2006 a special grant is available to qualifying individuals for a VAT grant from the government.

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