The Value Added Tax Law published in the Official Gazette (numbered 18563 and dated 2 November 1984) was amended in light of the Council of Ministers' Decree enacted on 16 March 2009. This amendment includes provisions as to the reduction of VAT for the purpose of residences sales exceeding 150m2 from 18% to 8%. The tax reduction will remain in force until 15 June 2009.

The Decree published in the Official Gazette (numbered 27184 and dated 29 March 2009) bears provisions suggesting the reduction of VAT for the purpose of selling business premises (building and/or independent sections) from 18% to 8%. The decrease will remain until 30 June 2009.