An important decision by the Minister of Finance regarding the purchase of real estate – Signing of the three-year suspension of VAT on real estate

You are viewing post Important decision by the Minister of Finance regarding the purchase of real estate – Signing of the three-year suspension of VAT on real estate

Two very important decisions were signed by the under-Minister of Finance, according to which the imposition of VAT on real estate is suspended until the end of 2022.

Becoming more specific:

The first decision clarifies the procedure of granting suspension of VAT (article 6, VAT Code, L.2859/2000), while the second clarifies the process of settlement of the already deducted tax for the properties which appertain to the regime of VAT’s application suspension.

Target of the above measure by the Ministry of Finance is the revival of the property market, with important advantages mainly regarding the small and medium properties, which, in combination with the decrease of  Unified Property Ownership Tax (ΕΝΦΙΑ) and the granting of motives for the upgrade of buildings, will upgrade the constructional and building sector.