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Fees on lease or rent of land will be scrapped by the land registration office, after a majority vote in parliament on Friday.

Specifically, two bills on VAT were voted into law, both hailing from ruling Disy.

The first outlines that where lease or lent to someone subject to VAT for the purposes of taxable business activity purposes will be paying their tax but will be let off from paying fees to register the deed at the land registry office.

he bill was voted through with 46 votes in favour and two against by the Green Party.

A second law seeks to apply the same VAT for a lease and the purchase of immovable property.

For instance, a home up to 200square meters will be subject to five per cent VAT whether it is a lease or purchase.

A property over 200square meters will be subject to a 19 per cent VAT.

This will come into effect starting September 1 this year.

Source: CyprusMail