articles | 19 November 2019 | EY Cyprus

EY Cyprus new seminar addressing VAT on Real Estate – Construction, Leasing, Sales and Property/ Land Management

EY Cyprus is pleased to announce a new interactive seminar on the VAT aspects of Immovable Property, titled “VAT on Property Awareness Drilling: Buildings – Land Sale/Lease & Management (including online property promotion)”.

A series of seminars in Paphos, Larnaca, Limassol and Nicosia for information on the frequent changes in relation to VAT and property

The seminar will be held in two phases, delivered both in Greek and English. The Greek set of seminars is accredited by HRDA and will take place on November 21st at the Annabelle Hotel in Paphos and November 28th at UCLAN University in Larnaca. The English set of seminars will follow on December 4th at the offices of EY in Limassol and December 5th at the main offices of EY in Nicosia.

This seminar was developed after recent and upcoming VAT updates in relation to transfers of non-developed building land, commercial - residential letting, sale of entity shares holding properties, as well as online property marketing, whereby practical VAT applicability should be explored. Some of the topics that will be touched upon from a legal and tax angle during this seminar are: VATable commercial lets, long-term leases, loan restructurings involving property, construction services treatment, one-off and various land transactions transfers, input VAT adjustments, VAT registration and updates with regards to the Airbnb model.

VAT practice will be demonstrated through real case examples and frequently seen scenarios including pitfalls and principles identified in circulars, domestic and EU case-law. Participants will have the opportunity to test their knowledge on the spot and deliberate on a sample of transactions through the use of technology. The seminar is addressed to all those looking to both acquire and develop awareness on VAT property matters influenced by the evolving legislation - jurisprudence, including those professionals, e.g. accountants, lawyers, property developers – valuers, financial controllers, bankers as well as entrepreneurs, who manage real estate transactions.

Philippos Raptopoulos, Partner and Head of Tax and Legal Services of EY Cyprus, commented: “Tax implications of property transactions are traditionally high on priority for businesses and citizens themselves. Frequent changes in commercial trends, loan restructurings and digital marketing of real estate have made the real estate sector more complex. As such, we attempt to touch upon the VAT topic in relation to real estate, though interactive seminars across Cyprus. These seminars fall under the scope of the seminar series we hold on tax issues that have been successfully running since last September”.

George Liasis, Partner and Head of Indirect Tax Services of EY Cyprus, commented: “Immovable property transactions need to be treated with caution and attention to detail when it comes to VAT. Through a series of seminars in Paphos, Larnaca, Limassol and Nicosia we interactively touch upon applicability of evolving VAT matters through legislation and practice developments along with case law updates. Real estate transactions can take varying forms and prompt management of VAT risks and opportunities can ensure compliance and mitigation of unnecessary costs”.

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