New VAT Rules Encourage First Time Buyers in Cyprus
New VAT provisions were brought into effect on 8th June 2012 designed to encourage first time buyers in the Republic of Cyprus. Law N73 (I)/2012 amends the VAT Law by offering first time buyers a reduced rate of VAT.
VAT is currently charged on all properties for which the building permission was granted after May 2004. The current full rate of VAT is 17%.
The new law introduces a reduced rate...