Gov­ern­ment to lower VAT for home ren­o­va­tions

Financial Mirror (Cyprus) - - FRONT PAGE -

Pres­i­dent Ni­cos Anas­tasi­ades an­nounced last week the gov­ern­ment’s in­ten­tion to lower VAT for the ren­o­va­tion of dwelling units, from 19% to 5%.

In his ad­dress to the 88th an­nual mmeet­ing of the Cyprus Cham­ber of Commerce and In­dus­try (KEVE), the Pres­i­dent said that the de­ci­sion was taken fol­low­ing a pro­posal by the busi­ness com­mu­nity and upon the ini­tia­tive of the Pres­i­dency, in co­op­er­a­tion with the Min­istry of Fi­nance. The pro­posal is ex­pected to be adopted this week. The lower VAT will ap­ply in ren­o­va­tions of all dwelling units, and not just in the case of pri­mary res­i­dence, as was the case un­til now.

The Pres­i­dent ex­plained that vul­ner­a­ble con­sumer groups and res­i­dents of re­mote com­mu­ni­ties will also ben­e­fit from lower VAT when re­pair­ing their homes, to up­grade their struc­tural ad­e­quacy or to im­prove their en­ergy ef­fi­ciency.

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