The Department of Taxation informs that, by decision of the Council of Ministers dated 12/01/2022, 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 dwelling subject to a reduced VAT rate of 5%.
The Scheme 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. The other terms of the Scheme shall continue to apply.
This amendment is effective from the date of the Cabinet Decision, i.e. 12/01/2022.
The Affidavit for refund of VAT on the purchase of land for the construction of a dwelling subject to a reduced rate of VAT is available on the website of the Department of Taxation. .
(MB/SX)
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