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Builders seek VAT reduction


Monday, 16 March during the meeting of the President of Cyprus Nikos Anastasiadis with representatives of the leading construction companies in the island, they insisted on reducing the VAT to 5% in order to provide a stimulus to the construction sector.

A delegation of representatives of the construction sector consisted of 11 representatives and trade unions of the sector. Chairman of the organization, Mr. Rushias made a proposal to reduce VAT for at least 2 years. In his view, this measure will increase the amount of investment in construction on the island.

Among the proposals put forward by the group also discussed the modernization of buildings in order to save energy, tax breaks, as well as the creation of a junior Ministry of Construction, which will oversee the implementation of the state budget for new projects.

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