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Cyprus amended vat law

This is an update on what we had been discussing about the subsidy from the government for the purchase /build of first house unit.
On 26 August 2011 the House of Parliament amended the VAT law concerning the purchase / build of the first property unit and a VAT rate of 5%  (instead of 15%) applies for a property unit up to the first 200 m2.
However, a property unit with more than 200m2 and up to 300m2 is still eligible for 5% vat but only to the first 200m2. Any m2 above 200m2 are charged with a 15% VAT rate.  In this case, no subsidy (return of VAT is given.)
Changes were made in order to lower the housing prices of new buildings units and to eliminate bureaucracy.
Further details are still to be given out by VAT Department. I will revert on this matter as soon I get more and accurate information.
Best Regards,   
Christophis Christophi
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