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The Tax Council vindicates Antonis Askanis Ltd

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Το Εφ&omicron ;ρικΣυβιοδιειτην Ltd

In a landmark decision, the Tax Council recently overturned a decision by the Tax Commissioner to levy €1,261,344 in Value Added Tax (VAT) on the land development company, Antonis Askanis Ltd, relating to the sale of a property in Limassol.

< p>In its unanimous decision, dated April 18, 2024, the Tax Council ruled that the first installation as provided for in the VAT Legislation took place in the villa in question at the time of the sale and therefore its sale was exempt for VAT purposes.

The Tax Council pbased his decision on the arguments presented by the representatives of Antonis Askanis Ltd, CEO of Chelco VAT Ltd, Alexis Tsielepis, VAT Advisor of Chelco VAT Ltd, Marios Nikolaidis, the Partner of Patrikios Pavlou & Associates LLC, Angelos Onisiforou and the director of the applicant, Christiana Askanis.

Leaded by Mr. Tsielepis, the team of tax advisors of the Askanis company argued that the rental of the mansion before the sale with a total rental period of 38 days , but also its use as a “showhouse” for approximately 12 months, fall under the provisions of the interpretation of the VAT Legislation term “first establishment”.

The Tax Council agreed with this position, stating that it is fully satisfied the legal background set by the legislator in relation to the interpretation of the term and therefore the position of the Tax Department to impose VAT on the sale, as a sale before the first establishment, was wrong and consequently annulled.  

Source: www.philenews.com

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