Developers association warns against VAT increase

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Developers association warns against VAT increase
 © CyprusMail 2022
The Cyprus Land and Building Developers Association (LBDA) warned against the potential rise in VAT for property purchases, saying that this would harm both the economy and first-time buyers.

The proposed legislation would amend the current VAT structure, which stipulates that the first 200 square metres of a buyer’s primary residence would have a VAT of 5 per cent, bringing the eligible area down to 140 square metres.

The association considers that the proposed amendment “is moving in the wrong direction”, adding that the change will make conditions more adverse for potential property...


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Article automatically added to our system on Thursday, February 3, 2022

Developers association warns against VAT increase


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