VAT Update - Imposition of VAT on Immovable Property

The House of Representatives has approved the amended VAT Act which imposes 19% VAT on the transfer of buildable land and the leasing of immovable property with the exception of property used as residence.

Furthermore, Parliament has also voted for the application of the reverse charge procedure for the supply of buildings, which are subject to VAT.

The amended Law with regards to the imposition of VAT on buildable land will come into effect on 2 January 2018 and the imposition of VAT on the leasing of qualified property is the date the law will be published in the Government Gazette.

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