Article 11D of the Cypriot VAT Act (in accordance with Article 199a(1)(e) of the Principle VAT Directive) imposes the reverse charge mechanism for transactions where ownership of new buildings or land subject to VAT is transferred from the borrower to the lender as part of a loan restructuring or under forced transfer conditions.
This provision was enacted in order to facilitate the payment of VAT in cases where the taxpayer is no longer in a sustainable financial position, with a bank having to take possession
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