Bill seeks to lower VAT on land for primary residence

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Bill seeks to lower VAT on land for primary...
 © CyprusMail 2018
The government is preparing a bill exempting from payment of the full 19 per cent VAT, purchases of undeveloped land for the purpose of building on it an owner-occupied primary dwelling.

Currently, when someone buys a finished housing unit or apartment as their primary dwelling they pay 5 per cent VAT, whereas buying a plot of land for owner-occupied housing incurs a 19 per cent VAT charge.

Lawmakers had called for a change, arguing it is unfair to newlyweds who typically are buyers of undeveloped land where they plan to build their primary house.

Under a bill...


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Bill seeks to lower VAT on land for primary residence


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Article Tags: seeks, lower, primary, residence,

 

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