In connection with the amendment to the “Construction Act,” an amendment to the value added tax (VAT) law changes the definition of family houses and apartment buildings, to have a broader definition from 1 July 2023. This change will primarily affect the determination of the correct VAT rate for construction work on a completed building for housing and social housing or for the construction and delivery of a building for social housing. It will also affect the fulfilment of the conditions for exemption from VAT of the delivery or lease of real property.
Source: kpmg.com
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