Tax Flash no.18/2020 – The increase of the value of residences for which a 5% VAT rate is applied

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16.11.2020 – Law no.248/ for the amendment of art. 291 of Law no. 227/2015 regarding the Fiscal Code was published in Official Gazette 1079/2020

Starting with January 1, 2021, the 5% VAT rate applies to the supply, to individuals, of residences that have a maximum surface area of 120m2 excluding household annexes, whose value, including the land on which they are built, does not exceed the LEI equivalent of EUR 140,000, excluding VAT, if at the time of sale they can be inhabited as such.

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