Home Buyers in Cyprus Owe €16.2 million VAT to the Treasury
December 13, 2022
13
More than 270 people took advantage of the reduced VAT rate of 5% instead of the standard rate of 19%.
More than 270 people (mostly foreign investors) took advantage of the reduced VAT rate of 5% for home buyers instead of the standard rates of 19%, while the state treasury missed taxes in the amount of €16.2 million.
It was announced by Finance Minister Constantinos Petrides, who stated that the country intends to collect the taxes due.
Since the beginning of October 2022, the Tax Service has been conducting on-site inspections of houses and apartments to determine whether the owners themselves live there or the properties are rented out. Inspections revealed that 275 homeowners are not entitled to preferential VAT of 5% and, therefore, had to pay VAT at the rate of 19%.
"Mostly foreign investors who bought an apartment or a house took advantage of the reduced VAT rate of 5%, but they permanently reside abroad and rent out real estate through the Airbnb service," Petrides said.
The Minister also said that inspections are continuing, and they are beginning in relation to other categories of taxpayers.
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