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On 11 November 2022, Κ.Δ.Π. 423/2022 was published in the Official Gazette, amending 8th Schedule of the VAT law. The aforementioned Schedule regulates the extent to which the supply of immovable property is taxable.
Before the amendment, the transfer of buildings or part thereof and related land constituted a taxable supply to the extent that it took place before the first occupation. Similarly, the transfer of possession of buildings or part thereof and related land pursuant to a sale agreement, or agreement which provides for their transfer at a future date or pursuant to a lease-purchase agreement, constituted a taxable supply to the extent that it took place before the first occupation.
As a result of the amendment, Paragraphs 1(b)(i) and 1(b)(ii) of 8th Schedule replace the term “before the first occupation”, with the phrase:
“prior to the first supply within a period of five (5) years from completion and any subsequent supplies within the period of five (5) years provided there is no actual use by a non-related person for a period of at least twenty four (24) months”.
The amendment is effective from the date of publication in the Official Gazette (11 November 2022). Further clarifications relating to the practical application are expected from the Tax Department.
How we can help
The amendment sets as a point of reference the date that the property is available for use and it is expected that some supplies of property may be subject to VAT even if they’re supplied after their first occupation. Similarly, there may be properties which are new and have remained unoccupied since their completion whose supply may constitute an exempt transaction without the right to recover the related input VAT. Other details may also need to be discussed with the Tax Department, on a case by case basis.
Our specialist Indirect Tax team is at hand to advise on the impact of the above changes on intended transactions, involving immovable property within the above scope. For more information, contact our VAT Partner, Kyriakos Fili at kyriakos.fili@cy.gt.com or +35722600000.