The government bill to impose a reduced VAT rate of 5% for houses with a maximum area of 140 square meters (instead of the current 200 sqm) was discussed today in the Parliamentary Finance Committee, with many members calling for the renegotiation of its provisions, the introduction of transitional provisions and the introduction of criteria other than area.
Many of the members linked it to the termination of the Cypriot investment programme, with Committee Chairwoman Christiana Erotokritou stating that "after the golden passport party, the bill will be paid by the middle class and young couples".
According to a spokesperson for the Ministry of Finance, the bill was submitted after a warning letter from the EU, dated 15 September 2021, and non-compliance with the VAT Directive may lead the Republic to the E
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