The reduced VAT rate should serve the social character of the measure

AKEL meeting with Pancyprian Association of Land Development and Construction Entrepreneurs

27 September 2022, AKEL C.C. Press Office, Nicosia

 

A delegation of AKEL, headed by the Party’s General Secretary, Stefanos Stefanou, met today with a delegation of the Pancyprian Association of Land Development and Construction Entrepreneurs.

At the meeting, an exchange of views took place in relation to the proposals submitted by AKEL and the Pancyprian Association of Land Development and Construction Entrepreneurs for amendments to the existing reduced VAT rate regime for the acquisition of a primary residence and the will of both sides was reaffirmed for a final settlement of the issue pending before Parliament.

AKEL’s position is that the reduced VAT rate should serve the social character of the measure, with the aim of abolishing the use of the reduced rate for the purpose of acquiring luxury homes and villas.

The delegation of AKEL also included AKEL MP, member of the Parliamentary Finance Committee Andros Kyakalias and Charis Polycarpou and Lambros Lambrou, Head of Economic Policy and the Development Bureau respectively.