- The 9% VAT rate for apartments has been clarified and extended to cover both the supply of immovable property and construction services for apartments for sale.
- Amendments address industry concerns, ensuring the 9% rate applies to common apartment sales and forward funding transactions, not just completed sales.
- The 9% VAT rate is intended for apartments or apartment blocks used for residential purposes, including purpose-built student accommodation.
- The Finance Bill has passed the Dail and is moving to the Seanad, with further guidance expected from Irish Revenue.
- Developers must ensure correct VAT application and consider the impact on pricing, invoicing, and arrangements with social housing bodies.
Source: ey.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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