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VAT Update
Time of supply of non-monetary consideration in relation to supplies in the construction industry
The Cyprus Tax Department has issued Implementing Regulation No.11/2021 of 17 February 2021, providing clarifications in relation to the time of supply in cases of non-monetary consideration in the construction industry.
The Cyprus Tax Department has issued Implementing Regulation No.11/2021 of 17 February 2021, providing clarifications in relation to the time of supply in cases of non-monetary consideration in the construction industry.
From 2 January 2018 VAT is imposed on the supply of non-developed buildable land (NDBL) by a person carrying out economic activity. When the land owner supplies the NDBL in exchange for another good or service they must consider if the supply of the NDBL in whole or in part is considered as exercising economic activity and their obligation to register for VAT as a result. Where the owner has an obligation to register for VAT in relation to the taxable supply they are obliged to charge standard-rate VAT to the person to whom they transfer the land.
The time of supply is defined in Par.2(b), of Article 9 of the VAT Law, which provides that the supply of goods takes place at the time that the goods are made available to the buyer unless this date is preceded by the issue of an invoice or the receipt of payment.
The Tax Department clarifies that in situations described above the time that the NDBL is made available to the buyer, in whole or in part, is the submission of the relevant documents to the Department of Lands and Surveys, in the absence of other evidence indicating that the NDBL was made available at an earlier date.
Authors
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Kyriakos Fili Kyriakos is the VAT Partner of Grant Thornton in Cyprus. He is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Certified Public Accountants of Cyprus (ICPAC).View Profile