VAT in Urban Transformation was reduced to 1%
Through the promulgation of the President Decision No. 3470 (“Decision”), published in the Official Gazette dated 30th January 2021 and No. 31380, Value Added Tax ("VAT") rate in urban transformation construction works was reduced to 1%.
Through the Decision, VAT rate is reduced to 1% in construction contracting works for residences to be built in new construction areas up to one and a half times the existing construction area belonging to real estate owners within the framework of transformation projects for risky buildings.
- The Decision entered into force on the date of its publication. You may find the full text of the Decision here
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