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All reports tagged with: "VAT"

Reduced VAT on property purchase

Those buying a property in Cyprus as their main residence may apply for a reduced rate of VAT of 5% on the purchase price/construction cost of a new dwelling providing they meet certain criteria.

Parliament approves VAT on building land

The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union.

VAT on land sales agreement

Cyprus is to impose VAT at a rate of 19 per cent on land sales for commercial activities, which will be based on the Dutch model according to a report in the Greek language media.

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC.

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.

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