The European Commission has sent a new written ultimatum over the amendment - within two months - of Cyprus' legislation on reduced 5% VAT on the purchase or construction of a main residence. And authorities are trying their best to gain time so that the Mediterranean island avoids being referred to the EU Court of ...
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Cyprus tries to gain time following EU ultimatum over 5% VAT on main residence
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Paphos Life
- Posts: 3104
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Re: Cyprus tries to gain time following EU ultimatum over 5% VAT on main residence
An irritating "one size fits all" rule. Cyprus has done well to try to ignore it!
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wantoosoon
- Posts: 211
- Joined: Sun May 23, 2021 10:05 pm
Re: Cyprus tries to gain time following EU ultimatum over 5% VAT on main residence
A bigger problem is people undeservedly getting the reduced rate when they should be paying the full whack. There doesn't seem to be a mechanism in place to charge the difference when people don't fulfil the requirements (such as using the property as their main home, owning it for 10 years, not renting it out).
