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Suspension of VAT on real estate by the end of 2020
The VAT suspension measure aims to support the real estate market and, in addition to other regulations already in place, is expected to have significant benefits for small and medium-sized properties.
Deputy Minister of Finance Apostolos Vessiropoulos signed two decisions to suspend the imposition of value added tax on real estate for three years, until the end of 2022.
In particular, the first decision grants a suspension of VAT and the second decision concerns the procedure for the settlement of a tax already deductible for real estate property.
The VAT suspension measure aims to rejuvenate the real estate market, and in combination with other already implemented arrangements, such as lowering property tax and providing incentives for energy, functional and aesthetic upgrading of buildings, are expected to have significant benefits for small and medium-sized properties and make a decisive contribution to the real estate market and the and construction industry.