The locomotive sector has reduced VAT, which is 18 per cent in housing deliveries in construction, to 8 per cent by March 31, 2017, in order to alleviate the liveliness of government markets. But a first will also be in this period. VAT invoice was also brought in to ensure that sellers generate more housing. There is no change in the VAT rates applied to housing deliveries at 1 percent and 8 percent.
WHICH VAT DEPOSITS ARE REDUCED?
A 10-point reduction in the VAT rate will apply to residential sales within the next 7 months from September 8, 2016 until March 31, 2017. According to the decree, the net area of the houses will be 150 square meters and over, which will reduce the VAT rate from 18 percent to 8 percent.
Also in the big cities, the construction license will be applied to the housing projects from January 1, 2013 and to the housing deliveries by the public institutions and organizations and their subsidiaries regarding the housing construction projects to be tendered from this date.
The land unit square meter determined in accordance with Article 2919 of the Real Estate Tax Law numbered 1319, which was constructed as luxury or first class construction to be applied in these structures and on which the construction license was upgraded and the construction license was upgraded later, which will include houses with a net area of 150 square meters. Regulation is expected to bring mobility to the market and increase sales of housing.
WHAT SHOULD WE BUY?
In this context, the seller will calculate the 8 percent VAT on the sales of the house within 7 months from the receivables. Buyers will be able to provide extra VAT payouts by checking whether the VAT rate discount is reflected in invoices and prices issued on their behalf.