30.11.2022
Over 270 people who have benefited from the reduced VAT rate of 5% for first time buyers have been found ineligible after inspections carried out throughout Cyprus by the Tax Department and are subject to a VAT of 19% for a total of €16.2 . million announced Wednesday by Finance Minister Konstantinos Petrides after a meeting of the Council of Ministers. He also reported on field inspections for other categories of taxpayers and types of taxes.
He noted that the reduced rate, under the current legal framework, should only be applied for owner-occupied purposes, and not for rental or other commercial exploitation.
