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Friday, April 19, 2024

The reduced VAT is again before the Finance Committee. in residences

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Today, the debate on the matter concerning the targeted imposition of a reduced VAT rate continues in the parliamentary Finance Committee. (5%) in the delivery or construction of a residence, in the context of exercising social policy.

In the last session, during which the matter was discussed, the Committee concluded that it should proceed with an increase in the value of the properties that fall under the reduced rate , in consultation with the Ministry of Finance, subject, however, to the agreement of the European Commission.

The Committee's agenda also includes the Value Added Tax Law of 2019, a law proposal by Stefanos Stefanos, Aristos Damianos and Andreas Kavkalias on behalf of the AKEL-Left-New Forces parliamentary group, which concerns the correction of distortions and weaknesses in relation to the application of the reduced rate of VAT (5%) in the delivery or construction of a residence.

The agenda also includes the law proposal of Stavros Papadouris, MP of the Environmentalists-Citizens Cooperation Movement, which provides for the application of the reduced VAT rate. A. of 5% for the first 180 sq.m. of buildable area, in case of delivery or construction of a house, whose total buildable area does not exceed 220 sq.m., provided that the value does not exceed €300,000 for the construction of a house and €450,000 for the purchase of a house.

Also, at the beginning of the session the members of the Commission will be informed about the reform of the Economic Governance Framework of the European Union.

source: alphanews.live

Source: 24h.com.cy

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