The readiness of the executive to consider the introduction of a transitional period and a criterion regarding the maximum cost of the reduced VAT rate for the construction of a house was conveyed to the Finance Committee of the House of Representatives by Finance Minister Konstantinos Petridis, warning, however, that there is a risk that the European Commission may impose a fine due to the violation of the relevant Directive.
The government bill was submitted for compliance of national legislation with the VAT directive and provides for a reduced VAT rate of 5% for houses with a maximum area of 140 square meters (instead of the current 200 square meters), while in case of non-compliance there is the possibility of referral to the European Court of Justice.
The committee continued its discussion of the issue on Monday in a session which was held in a confrontational atmosphere,
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