Vat on building land

More than 80 participants attended a recent Cyprus Chamber of Commerce and Industry seminar in Limassol which outlined and analyzed all aspects of the new law imposing a 19% value-added tax on sales of building plots taking place as part of economic activity. The event was held at the premises of the local Chamber.

Addressing the event and welcoming the participants, Limassol Chamber President, Costas Galatariotis noted that the seminar was part of the steadfast Chamber policy of providing members with timely and accurate information on issues of interest to the business community.   

Mr. Galatariotis noted that making optimum use of the knowledge of experts, the Cyprus Chamber’s intention was to shed light on all aspects of the new law providing for value-added tax, especially with regard to its actual implementation, so as to ensure that it is adequately understood by all interested parties and that mistakes of any sort are avoided.
Taking care of the presentation of the new law, which was approved by parliament on November 3, 2017 and went into effect on January 2, 2018, was Charis Charalambous, a partner at KPMG and an expert on VAT-related issues. Mr. Charalambous also answered several questions asked by the participants.


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