On 3 November 2017 the Cyprus House of Parliament enacted the amendment of the Cyprus VAT Legislation with regard to the taxation of building land, the taxation of new commercial immovable property leasing contracts and the application of reverse charge on transactions relating to transfers of immovable property during the process of loan re-structuring, thereby bringing it in line with the regulations of the EU VAT Directive.
The approved amendments are as follows:
-19% VAT on the sale of building land
-New commercial leasing contracts for immovable property are now taxed
-Transactions relating to transfers of immovable property during the process of loan restructuring may use the Reverse Charge