Clarify VAT on property, says PwC

PRICEWATERHOUSE COOPERS has called on Finance Minister Brian Cowen to clarify details and timing of the proposed introduction of new VAT on property rules.

Speaking at the PwC Real Estate Breakfast Tom Corbett, Senior Consultant, Business and Wealth Services, PricewaterhouseCoopers he said: “This is already a particularly complex area of taxation law and the current lack of clarity is causing even greater uncertainty in the commercial letting market giving rise to concerns regarding potential additional and unexpected VAT costs.”