Non-deductible input VAT on acquisition of apartment under Cypriot Investment Program (tribunal decision)

The Tax Tribunal recently held (case no. 7/2021E) that input valued added tax (VAT) on the acquisition of an apartment that was acquired in order to obtain citizenship under the Cypriot Investment Program cannot be deducted because the property was not acquired for business purposes and cannot be used for economic activity.

Source: KPMG

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