The Department of Taxation announced the possibility of refunding 14% VAT on land purchased by a parent or guardian and transferred to an adult child for the construction of a house subject to a reduced VAT rate of 5%, based on a decision of the Council of Ministers dated 12/01/2022.
The Scheme, according to an announcement by the Department of Taxation, applies to land defined in the Eighth Schedule, paragraph (1)(b)(ii) of the Value Added Tax Act 2000, as amended from time to time, which is subject to VAT.
It notes that the other terms of the Scheme remain in force.
(CNA)
CNA
Contents of this article including associated images are owned by CNA
Views & opinions expressed are those of the author and/or CNA
Source[/URL]
