Amendment for the reduced rate of VAT for properties
We are happy to announce that there has been an amendment made by the Parliament regarding the restriction of the reduced rate of VAT for properties.
The previous restriction stated that properties over 275m2 could not apply for the reduced VAT. With the new amendment, this restriction has been abolished and all properties of all sizes can apply for the reduced rate of VAT.
It is important to note though that even though all properties of all sizes can apply, only the first 200m2 of the buildable area of the property will be charged at 5% whereas for the remaining square meters the standard VAT of 19% rate will be imposed.
For more information, please contact one of our Sales Representatives on 25336171 or email us on [email protected].