Amendments to the VAT Law's 8th Schedule
We would like to let you know that on November 11, 2022, a Decree (K.Δ.Π. 423/2022) revising the VAT law's 8th Schedule with regard to the supply of Immovable Property was published in the Official Gazette.
With the amendment, new criteria are used to assess whether a building's supply and the land it is transferred with are taxable or exempt supplies.
In particular, the words "before the first occupation" are replaced with the following in paragraphs 1(b)(i) and 1(b)(ii) of the8th Schedule:
“before the first supply within a period of five (5) years from the date of completion and any subsequent supplies within the period of five (5) years provided that no actual use by unrelated person has been occurred for at least of a period of twenty four (24) months”.
The aforementioned modification is effective immediately as of the date it was published in the Official Gazette (11 November 2022), although the VAT Authorities are expected to provide additional clarifications to address any remaining questions.
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