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We do not want to be the ones responsible for depriving an entire generation of the right to own a home, stresses the President of the Cyprus Scientific Technical Chamber (CTEK), Constantine Constantis.
In a written statement issued on Monday, Mr Constantis said he attended the second meeting of the Parliamentary Finance Committee, which discussed the government's draft bill proposal to impose a reduced VAT of 5%, without a transitional period, on the first 140 sqm of first homes. The bill was tabled to bring national legislation into compliance with the European VAT Directive, the statement said.
It added that "the NTC submitted a detailed eight-page proposal, with both statistical and social indicators, with amendments to be made to the bill to make it fairer" for those wishing to own a home.
ETEK welcomes as a positive development the reference by the Minister of Finance, Constantinos Petrides, that the executive is ready to "consider the introduction of a transitional period and a criterion concerning the maximum cost with regard to the reduced VAT rate for the construction of a house".
Also in the right direction is the fact that Petrides said he would also consider increasing the square metre threshold for the application of the reduced rate, as well as considering the inclusion of renovations in the bill, it was noted.
Constantis adds that the ETEK wishes to help the Ministry of Finance to renegotiate the specific issues with the European Commission so that they are targeted and socially fair, so that those who dream of owning a first home can achieve it.
"We do not want to be the ones responsible for depriving an entire generation of the right to own a home, which is traditionally in the wishes of Cypriots, to enjoy this asset," the statement said.
"All relevant bodies should study a package of proposals for facilitating the acquisition of owner-occupied housing in Cyprus, which will cover holistically urban planning issues, infrastructure, taxation of idle land, and many other issues."
Source: KYPE
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