In November, Cyprys Sotheby’s International Realty held the lecturing session “VAT matters to consider in the real estate industry” from KPMG experts.
The legal environment and, more precisely, tax regulation is one of the most important issues in the real estate field. To stay up-to-date with the legal amendments and initiatives Cyprus Sotheby’s International Realty invited the KMPG professionals to share their VAT knowledge and expertise.
Anastasia Yianni, CEO of Cyprus Sotheby’s International Realty, commented:
“We are pleased to welcome the KPMG experts in our office to discuss the latest updates on regulatory developments in Cyprus. As a team of real estate advisors assisting clients with their properties, we provide market-leading expertise to find the best practical solutions to the challenges our clients face, including tax issues. We constantly improve our knowledge to stay in line with real estate regulations and policy trends shaping real estate investment opportunities”.
The workshop covered topics related to VAT legislation regarding the supply of buildings and undeveloped buildable land, and rental of immovable property. The participants discussed the changes of the legislation and the latest amendments to the VAT Law (95(I)/2000) addressing the conditions that must be satisfied for the imposition of VAT on different types of property. The KPMG experts shared practical examples how to check the property, its location, building zone, value, previous sales, and possession of the other pieces of land owned by the seller and collect the correct data taking into account the guidelines and international best practice. They also answered the questions whether or not the specific property was subject to VAT, what were the conditions for the reduced VAT rate to be applied, and many others.