The amending law provides that the reduced VAT rate of 5% will apply to the first 130 m2 of buildable residential area of a property and for the maximum value of €350,000, provided that the total buildable residential area does not exceed 190 m2 and the total value of the transaction does not exceed €475,000.Prior to the amendment, the reduced VAT rate was imposed on the first 200 m2 of buildable residential area without any limitations neither in terms of the total buildable area nor the value of the residence.
Source: kpmg.com
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