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M. Paraschou Law

5% VAT for First Time Home Buyers: New Application Procedure

The Tax Department announced a New Application Procedure.

As of May 27, 2024, the submission of the affirmation for a Reduced VAT Rate of 5% on the purchase of a residence by first-time home buyers will only be done through the taxpayer portal TFA (Tax For All). Once the examination of the request is completed, the applicant will be able to receive the relevant certificate of Reduced VAT.

This new announcement introduces the necessity to create an account on the TFA Portal and aims to simplify the process. To submit the affirmation, it is necessary to create an account on the TFA Portal. If you are a new taxpayer, you need to submit a request for registration in the Tax Registry through the TFA Portal. If you already have a Tax ID, your account can be linked to the TFA Portal with your existing Tax Identification Number.

Should you wish to find out more, contact our team at info@paraschou.com.cy.

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