On the 3rd of November and 29th of December 2017, the House of Parliament voted the amendment of the Cyprus VAT Legislation regarding the taxation of building land, in order to align it with the provisions of EU VAT Directive.
The amendments relate to (1) the imposition of 19% VAT on the sale of building land, (2) the taxation of new commercial immovable property leasing contracts and (3) the application of reverse charge on transactions relating to transfers of immovable property during the process of loan restructuring.
For more details regarding the amendments voted, please click here.