AN accountant has warned that there should be a moratorium on the introduction of the new provisions for VAT on property transactions until the Revenue Commissioners have issued its promised Statement of Practice.

The provisions, according to Price Waterhouse accountant, Mr Denis Cremins, may be open to legal challenge in the Irish and European Courts following a recent European Court judgment. Already, he warned, many property transactions completed since March 26th may not have been accounted for in VAT terms. Speaking to property investors and auctioneers in Dublin yesterday, Mr Cremins said the new provisions will significantly add to the cost of certain property transactions.