Reduced VAT In Real Estate Related Transactions
Published date | 23 February 2023 |
Subject Matter | Tax, Income Tax, Sales Taxes: VAT, GST |
Law Firm | Eurofast |
Author | Ms Maria Sarantopoulou and Alexandra Theologou |
Law 5000/2022 was published on the 09.12.2022 and, inter alia, includes provisions regulating the following:
✔ Extension of the possibility of inclusion in the VAT suspension regime on real estate
The possibility for constructors to opt for inclusion in the tax suspension regime is extended until 31.12.2024, so that the sale of immovable property is not subject to VAT, with the same terms and conditions and with a simplified procedure.
The promotion of investment in the real estate market during the implementation of this measure, proves to be effective and beneficial. Therefore, its extension until the end of 2024 is considered essential, in order to strengthen the real estate market.
✔ Extension of the of the income tax reduction for property renovation costs
With the new regulation, the provision of a tax reduction of 40% for the expenses paid by citizens for energy, functional and aesthetic renovation of their property is extended by an additional two years.
It is provided that the income tax reduction for natural persons is granted for property renovation costs incurred up to 31 December 2024, instead of the scheduled date of 31 December 2022, equally spread over a period of 4 tax years and for a maximum total expenditure amount of 16,000...
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