VAT On Commercial Property: What You Need to Know
Standard rate of VAT, currently 20%, is typically applied to commercial property transactions when the seller has opted to tax, or when new commercial properties are being sold or leased.
A Complete Guide on Option to Tax
As we explained in our detailed property VAT guide, commercial property is exempt from VAT with exception of new commercial building (less than three years old). The property business can choose to convert the exempt property to taxable property by...
