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Acquisition of residential dwellings at a reduced VAT rate

Residential dwellings at a reduced VAT rate

Clarifications regarding the acquisition of residential dwellings at a reduced VAT rate of 5% .

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Board Member, In Charge of Indirect Tax Services

KPMG in Cyprus

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Following indirect tax update 120 released by KPMG on 18 November 2016 under the subject modification of Table C of the Fifth Schedule, the present supplementary circular clarifies the following:

  1.  Buildable coefficient
  2. Acquisition of another residence before the expiry of ten  (10) year period
  3. Transfer of a dwelling before the expiry of ten (10) year period
  4. Applications before and after the application of the law (November 17, 2016)

For further information please read the present supplementary circular (PDF 142 KB).

© 2018 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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