A scheme relating to the granting of a grant for the purchase of land to enable a parent or guardian who transfers to an adult child land for the construction of a dwelling that is eligible for a reduced VAT rate of 5% has been approved by Cabinet today.
According to a written statement by Deputy Government Spokesperson, Niobe Parishinou, the other conditions of the Plan remain in force. The differentiation was deemed necessary following the finding that unequal treatment has been created between persons entitled to a refund under the Scheme, compared to persons eligible for a reduced VAT rate of 5%, she added.
(CNA)
CNA
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