- Tax Department officials conducting raids on homes and apartments suspected of illegally renting properties with reduced 5% VAT
- Buyers who use properties commercially required to pay standard 19% VAT rate
- Inspection campaign launched to identify violators, especially with summer holidays approaching
- Tax Commissioner urges property owners to voluntarily pay remaining 14% VAT to avoid disturbances during inspections
- VAT payment in instalments allowed, with taxpayers able to settle debts in 12 equal monthly instalments
- Previous campaign identified 500 buyers misusing reduced VAT, resulting in nearly €40 million in VAT payments to the state
Source: news.cyprus-property-buyers.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
