Pushback to VAT change on home buys

MPs are undecided on whether to pass a European Union directive reducing the size of homes entitled to lower 5% VAT or face hefty financial penalties, while the construction industry wants authorities to ignore it.

Arguing the VAT change will endanger the economy’s recovery, a group of small developers and services providers based in Paphos urged MPs not to incorporate the directive into national law.

Despite being an EU directive, they argue Cyprus would not be the only EU member not to apply the regulation, as Bulgaria, Poland, Malta, and Germany have different VAT regulations ranging...

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Article automatically added to our system on Monday, July 4, 2022

Pushback to VAT change on home buys

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