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by **Peterc** » Sun Oct 14, 2007 9:42 am

dinos wrote:I was under the impression that only newly constructed housing was VATable, but guess I was wrong?

VAT is only added to property that did not have planning permission post august 2004. there is no vat payable on resales.

by **Peterc** » Sun Oct 14, 2007 9:45 am

Sotos wrote:
dinos wrote:I was under the impression that only newly constructed housing was VATable, but guess I was wrong?

VAT on land will be introduced in January. I don't know if that is for all land or just plots.

It is proposed that all land sales will be taxable but at which rate nobody knows to date. i have heard that they are thinking around 6%

by **Niki** » Sun Oct 14, 2007 11:11 am

Oneness wrote:The last I heard about this from a source in Cyprus is that this buyer's land VAT, which was due for January 2008, has been rescheduled to 2010. Can anybody qualify my information?

I heard it had been rescheduled to July 2008!!!

by **Oneness** » Sat Nov 03, 2007 7:39 pm

I have recently read from various sources that the buyer's VAT on land purchases will be 15% of the purchase price and is due to be introduced on 1st January 2008 after having already been postphoned once. If then the government makes a last minute u-turn between now January, there must be an official statement to this effect from government sources.

As there are currently many transactions being processed due to the VAT's imminent introduction, I wonder how much time people really have to buy?!? In particular, what is the key process in a tranaction that must be completed before the January 2008 deadline date??? Is it the date the contract is signed? Or is it the date that the contract is registered in the Land Registry Office? Or could it be the date when title deeds are issued for the buyer? And during the last week of December, is there any activity at the Land Registry offices or are they on holiday!?

by **Sotos** » Mon Nov 05, 2007 1:11 pm

So is it postponed or not? January, July, 2010 ... whats the answer??

by **pantheman** » Mon Nov 05, 2007 3:03 pm

Sotos wrote:So is it postponed or not? January, July, 2010 ... whats the answer??

I doubt very much if it is postponed untill 2010.

the only reason it was postponed at all together with some other VAT introductions is because the government didn't want to associated the price rise with the introduction of the euro.

If it is going to get postponed at all my bet is 2008.

No official word on it yet, and indeed no official word as to the rate of VAT that will be levied either.