The bill has been submitted by means of which the temporary regime on the reduced VAT rate of 6% for demolition and reconstruction would be extended until the end of 2024 (as opposed to the 2023 as publicly announced earlier).
The twofold objective is to further enhance the renewal of residential property and to support the influx of high-quality homes on the social rental market. The view is taken that the various players in the real estate sector have made themselves familiar with the concrete conditions, practical applications and other modalities of the temporary regime entailing that these would remain unchanged. Given the large variety and specific nuances in projects, it is however recommended to review these case by case to ensure that all the conditions are met.
Source EY
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