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KPMG in Cyprus’ insight on the recent amendments to the VAT legislation

Recent amendments to the VAT legislation - Cyprus

KPMG in Cyprus organized the seminar entitled “Recent amendments to the VAT legislation with regards to the imposition of VAT on undeveloped buildable land and property leases as well as clarifications on the recent developments concerning the special scheme for tour operators”.

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KPMG in Cyprus organized and presented with great success the seminar entitled “Recent amendments to the VAT legislation with regards to the imposition of VAT on undeveloped buildable land and property leases as well as clarifications on the recent developments concerning the special scheme for tour operators”. The presentation was held at the hotel Alexander the Great in Pafos, on the 9th of March 2018. The keynote speakers were Mr. Harry Charalambous, Board Member of KPMG in Cyprus and Head of Indirect Tax and Ms. Maria Anayiotou, Senior Manager, Indirect Tax Services, KPMG in Cyprus. 

Mr. George Andreou, Board Member of KPMG based in the Pafos office, welcomed the attendees stating: “KPMG in Cyprus remains close to all businesses coming from various industries such as hotels, real estate and property leasing, which are estimated to be directly affected by the recent amendments to the VAT legislation. Taking the opportunity given by today’s seminar, we promise that we will continue to inform our customers and the business world in general, regarding issues of their concern”.

Mr. Charalambous’ presentation analyzed in detail and addressed many of the concerns raised regarding the recent amendments to the VAT legislation in relation to the supply of undeveloped building land and the leases of real estate property. Additionally, Mr. Charalambous adequately explained the reverse charge procedure in the context of loan restructuring and answered questions raised by the participants for both VAT on supplies of land in the course of exercising an economic activity and  leases of real estate property to persons carrying out taxable activities. “Almost all transactions involving land transfers need to be adequately examined”, Mr. Charalambous noted, among others.

Ms. Anayiotou’s presentation that followed, analyzed the recent amendments to the 5% reduced VAT rate for the acquisition or construction of permanent residence, and explained the conditions that need to be satisfied for the reduced rate of 5% on private residence renovation and repair services. Ms. Anayiotou briefly explained the fundamental changes to the tour operator’s margin scheme supplies. “Tour operators and agencies are expected to be directly affected by the recent changes”, Ms. Anayiotou said, among others.

The seminar’s participants included active executives of companies operating in various industries such as hotel, property leasing, real estate, etc. In the discussion and cocktail that followed, the participants had the opportunity to raise questions and exchange views on the presentations delivered. 

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