The House of Representatives has recently voted and amended the Value Added Tax Law with a 19% VAT on plots, in line with the European acquis.

The 19% VAT rate will only be imposed on the sale of plots to be built on, which fall within the scope of economic activity, and will be imposed on plots sold by a business/trader who is registered for VAT and will be paid in cases where the enterprise or individual is registered for VAT.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.