The government intends to extend the reduced VAT rate of 5 per cent instead of the standard 19 per cent rate to cover all house renovations, President Nicos Anastasiades announced on Wednesday.
The decision is expected to be rubberstamped during the next cabinet meeting, the president said during a speech at the chamber of commerce and industry (KEVE) AGM.
The measure entails applying the reduced VAT rate to renovation work on all housing units and not just primary residencies as was the case until now.
The reduced rate will also be paid by vulnerable consumer groups and residents of remote areas, for repairs and improvements to private homes, including upgrading their energy efficiency and structural integrity.
If any of our owners are interested in any renovations or upgrades to their properties then please get in touch!