10/10/2007

Poland lowers VAT building costs

Polish President Lech Kaczyński has signed an annexe to the Polish VAT terms that would mean tax rebates for private building investors.

From 1 January 2008, apartments to the size of 150m² and detached houses of up to 300m² bought from developers and housing associations will be charged at the lower 7% VAT rate.

The act is a change to a previous one stating that the higher 22% VAT rate will remain in force as Poland’s accession treaty to the EU envisaged.

The definition of the buildings was changed to match criteria that would allow for continuation of construction with materials and services charged at 7%.

All materials and services incurring VAT for repair and refurbishment of premises will also be charged at the preferential 7% rate.

The act comes into force on the 1st January 2008.
Source:thenews.pl

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