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By nearly a unanimous vote, and under the watchful eye of Brussels, parliament on Thursday passed a law allowing for a reduced VAT rate of 5 per cent levied on first homes.
The discounted VAT – the full rate is 19 per cent – will apply to the first 130 square metres of a first home – for single dwellings and apartments alike – and up to a value of €350,000, provided that the total value of the transaction does not exceed €475,000 and that the total buildable area does not exceed 190 square metres.
Another clause provides that, for persons with a disability, the discounted VAT will apply to the first 190 square metres of the buildable area.
The law also provides for a transitional period, so that the new rules do not apply in cases where a town planning permit has been issued or where an application for a town planning permit has been filed within four months of the entry into force of the law.
More later.
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