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BiH: VAT Refund for First-Time Homebuyers

The proposal to amend the Law on Value Added Tax in BiH was adopted in its first reading at the House of Representatives of the BiH Parliament session. Following this adoption, the parliamentary process will involve submitting amendments and adoption in a second reading before the House of Representatives, after which it will be sent to the House of Peoples for approval.

According to the proposed law, the right to a VAT refund will be available to all adult citizens of Bosnia and Herzegovina (individuals) with permanent residence in Bosnia and Herzegovina who are buying an apartment or residential property in new construction for the first time. Value-added tax is not applied when selling properties that are not new. Therefore, this law does not include old buildings, as no VAT applies to such properties.

The explanation of the Law suggests that the VAT refund is intended for purchases up to 40 m² for the individual applying for the refund, plus 15 m² for each additional household member, reflecting some standards in similar laws in countries within the region and EU member states.

Tržište nekretnine, 25. Oct. 2024.

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