News | Sunday, 30 May 2010

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30-day letting no longer VAT exempt

The letting of immovable property for a period of less than 30 days by a taxable person in the course of his economic activity is no longer exempt from VAT, a new legal notice has announced.
Businesses, whether a company or a sole trader, which leases premises on a short-term lease (less than 30 days) to any person will be required to charge VAT at 18% on the lease, subject to exceptions for when the premises are used for artistic and cultural activities; residential purposes; a garage or store.
The new legal notice does not impact leases which had already been subject to VAT such as tourist accommodation (5%), permanently installed machinery, parking, and business purposes (18%).

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