Spain cuts new property tax in half to lift Spanish real estate industry

Madrid, Spain: – August 25, 2011 – (RealEstateRama) — The Spanish Government has cut value added tax on new property in Spain by 50 per cent with immediate effect. The reduction in VAT (Spanish – IVA) from eight per cent four per cent on new build Spanish properties came into force on August 19th and will continue until the end of the year