Belgium has extended the reduced 6% VAT rate for demolition and reconstruction of homes, but only for individual homeowners. Developers will now have to pay the standard 21% VAT rate from January 2024, except for projects with permits submitted before July 1, 2023. The reduced rate will also be subject to stricter conditions in 32 specific cities. Developers should monitor forthcoming regulations for financial and commercial impact on existing and planned projects.
Source PwC
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