Effective 13 November 2017, Cyprus introduced measures to require the levy of value added tax (VAT) at the standard 19% rate on transactions involving the transfer of undeveloped land intended for the construction of one or more structures. In addition, the leasing or letting of immovable property used for business activities will be subject to VAT effective 2 January 2018. The measures were approved by parliament on 2 November in order to comply with the requirements of the EU VAT Directive.…