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Amendment of VAT law on properties
On 11 November 2022, an amendment to the 8th Schedule of the VAT Law was introduced with the decree 423/2022, replacing the phrase "before the first occupation" with the following:
"before the first supply within a period of five (5) years from the date of completion and any subsequent supplies within the period of five (5) years provided that no actual use by unrelated person has been occurred for at least of a period of twenty four (24) months”.
Therefore, effective from 11 November 2022, new criteria apply to determine whether the supply of a building and the land transferred therewith is considered as a taxable or an exempt supply in regards to VAT.
We remain at your disposal for anything you may need in connection with the above.
Contact person
Stelios Ioannou
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+357 22 100 192
Managing Director