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September 5, 2024
Changes on the applicable VAT rate relating to primary residence in Cyprus were introduced in June 2023 with Law 42(I)/2023 and in April 2024 with Law 55(I)/2024. Specifically, Law 42(I)/2023 amends the conditions for applying the reduced VAT rate of 5% to the acquisition or construction of new residences. The revised conditions are as below:...
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