European Leaders call for VAT on construction

posted 13.06.2012

European Leaders are calling for a cut in VAT for construction work within the refurbishment sector and to make old buildings more energy efficient.

The news will please many trade bodies as they have been long fighting for a cut of VAT from 20% to 5% to help stimulate growth with the construction industry.

The European Construction Industry Federation FIEC met this week and has VAT cuts at the top of its agenda in a bid to stimulate the depressed building industry across all member states.

The meeting minutes stated: ?Proposed actions will include: 1) stimulating favourable investment conditions, in particular in the renovation and maintenance of buildings and infrastructures, by promoting financial instruments such as loan guarantees and project bonds as well as encouraging incentives at national level such as reduced VAT rates.?

Recipro sourced this article from Construction Enquirer.

Category: industry, legislation, Paul Jones