Commercial property sales subject to VAT from next year – but residential is exempt | The National:
"Property experts have welcomed news from the Ministry of Finance that sales and leases of commercial property will be subject to VAT from January, but residential property will not. In a briefing session for advisers last week at Festival City, civil servants said that offices, shops and other commercial property will be subject to the new 5 per cent VAT levy. However, sales and leases of residential property will be exempt from the tax, along with undeveloped land."
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