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They ask for a new consultation for reduced VAT in the first residence

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& Zeta; & eta; & tau; & omicron; ύ & nu; & nu; έ & alpha; & delta; & iota; & alpha; & beta; & omicron; ύ & lambda; & epsilon; & upsilon; & sigma; & eta; & gamma; & iota; & alpha; & mu; & epsilon & omega; & mu; έ & nu; & omicron; & Phi; & Pi; & Alpha; & sigma; & tau; & eta; & nu; & pi; & rho; ώ & tau; & eta; & kappa; & alpha; & tau; & omicron; & iota; & kappa; ί & alpha;

& Zeta; & eta; & tau; & omicron; ύ & nu; & nu; έ & alpha; & delta; & iota & alpha; & beta; & omicron; ύ & lambda; & epsilon; & upsilon; & sigma; & eta; & gamma; & iota; & alpha; & mu; & epsilon; & iota; & omega; & mu; έ & nu; & omicron; & Phi; & Pi; & Alpha; & sigma; & tau; ; & pi; & rho; ώ & tau; & eta; & kappa; & alpha; & tau; & omicron; & iota; & kappa; ί & alpha;

Next Previous Request a new consultation for reduced VAT in the first residence HOME • INSIDER • CYPRUS • Request a new consultation for reduced VAT in the first residence

& Zeta; & eta; & tau; & omicron; ύ & nu; & nu; έ & alpha; & delta; & iota; & alpha; & beta; & omicron; ύ & lambda; & epsilon; &; & epsilon; & iota; & omega; & mu; έ & nu; & omicron; & Phi; & Pi; & Alpha; & sigma; & tau; & eta; & nu; & pi; & rho; ώ & tau; & eta; & kappa; & alpha; & tau; & omicron; & iota; & kappa; ί & alpha > </p> <p><i style = 'color: black' class = 'fa fa-user' aria-hidden = 'true'> </i> & nbsp & nbspInsider/ΚΥΠΕ & nbsp; & nbsp; </p> <p> <b> New data to try to continue the consultation with the Commission on VAT in the first home, will be collected by the Ministry of Finance as the reaction of the European Commission was negative to the proposal of the Republic of Cyprus to continue the existing regulation for reduced VAT for the first residence. </b> </p> <p>The issue was discussed today in the Finance Committee of the Parliament with the parties asking the Ministry to continue the negotiation and to achieve the reduced rate for the first 200 sq.m. and not for the 140 requested by the Commission. </p> <p > Specifically, the current regulation provides for the imposition of 5% VAT for the first 200 square meters, for houses up to 275 square meters, while the European Commission requests the reduction of VAT to 5% for the first 140 square meters, for houses up to 200 square meters , as they do not serve social purposes. </p> <p>It is noted that from July 2021, an infringement procedure was initiated, ie the procedure was initiated to take Cyprus to the European Court, for the imposition of a fine. </p> <p>The Chairwoman of the Committee, Christiana Erotokritou, in her statements after the meeting said that the Committee was informed by the Ministry of Finance about the consultation or renegotiation process requested by our country with the Commission on the issue of imposing reduced VAT on the first home. To date, the reduced rate of 5% VAT is valid for the first house up to 200 sq.m., meaning that the house does not exceed 275 sq.m. </p> <p>The information from YPOIK is that the Commission is negative in the differentiation of the new limits, ie of 140 sq.m. with 200 sq.m. He said that the Finance Committee asked the Ministry to continue the consultation with the Commission and to provide further data that document such as the percentage of Eurostat, of 140 sq.m., does not correspond to the real conditions in Cyprus and to add the fact that this social measure should be linked to a maximum cost of purchasing the first home and take into account the new economic conditions prevailing in the world. </p> <p> He said that the discussion will continue at the level of the Committee on Finance and The Ministry is expected to be informed again about the next stages of consultation with the Commission. </p> <p>AKEL MP Andreas Kafkalias said that we were led to the current situation due to abuses by the Government, in order to serve friends, groomsmen and in-laws, due to passports. As he said, due to the overflow of legislation we were led to the result that wealthy investors bought apartments of millions paying VAT 5%. </p> <p>As Mr. Kafkalias said, the information from the Ministry of Finance today intensifies the concerns and concerns of AKEL since there was a rejection of the proposal by the Commission. He added that AKEL requested within a certain period of time, the Government to return with the final views and positions on the final bill, while he reminded that AKEL, submitted a bill from 2019, which combines square meters with the value of real estate . </p> <p>In particular, he said, it provided that the reduced VAT rate is granted on the basis of the value of the house, to exclude from the reduced fee villas and luxury homes and to become beneficiaries those who can not afford to buy or build and want to expand an existing home. </p> <p> DIPA MP Alekos Tryfonidis said that it seems that the European Commission does not accept anything, except for transitional provisions and that they are of a specific duration which is not excessive and even warned us that the infringement process is in progress. </p> <p>As he said, the Ministry of Finance proposed the restoration of the pre-2016 framework but without specific maximum total market values, or maximum cost per sq.m., or to benefit only those who live permanently in the Republic, as were the suggestions & nbsp; of the Committee on Finance and, as the Committee was informed by the Ministry of Finance, will submit them in the near future after the collection of additional relevant data. </p> <p>“We reiterate our position that we do not agree with the Bill as it is today and we certainly can not vote for it. We will wait for the conclusion of the new consultations between the Ministry of Finance and the VAT Committee of the European Commission and we will take a position according to the final position in the points I have mentioned above, and with a view to providing real help to young couples to acquire housing. “Help others who are buying or building luxury homes and apartments, or apartments in well-known luxury towers,” he said. </p> <p>On behalf of ELAM, MP Sotiris Ioannou expressed the hope that the Ministry of Finance will submit new arguments, so that the previous regulation can be restored. He said that there are data submitted by the various professional groups to the Committee on Finance and to the Ministry of Finance that prove the law of the proposal submitted by Cyprus to the Commission. He expressed the hope that the Ministry would oppose these arguments to the Commission and we would return to the previous legislation. </p> <p>Environmentalist Stavros Papadouris said the small positive step is that we may be able to secure a transitional period, while the big negative is that the Commission does not share Cyprus' concerns. He stated that we misinformed the European Commission, as a result of which we are led to the current & nbsp; situation and the process of examining the violation of the Republic of Cyprus is in progress. </p> <p>“We have to be very careful what solution we give and what the final bill will be because it will be in force for many years to come,” he said, noting that we would not be able to go back and ask for changes from the EU. </p> <p> Konstantinos Konstantis, President of ETEK, stated after the Committee that the Chamber requested a re-examination of the database in order to better document the Government's proposal to the EU, in order to differentiate the 140-200 sq.m. Otherwise, he said, there will be a serious problem in the construction industry and it will be “a knife in the dreams of many young couples to own a home” noting that an entire generation will be called upon to pay for the mistakes of previous generations. </p> <p> He said he would continue the consultation with the Ministry of Finance to further document the proposal to increase the area and go to 200-275 sq.m. that was in force before 2016. He also expressed his optimism that there will be a positive outcome, characterizing the national goal of guarantee for young couples low VAT rate. </p> <p><noindex></p> <div class=Source: www.philenews.com

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