This publication is intended to provide an overview of the many issues that the industry will need to address in preparation for entry into the VAT system. Our approach to this is to go through the typical lifecycle of a property development project, and to highlight some of the different approaches adopted internationally. While there are clearly many unanswered questions, this is intended to provide a framework through which businesses in the construction and real estate sector can start to consider the issues, and take early steps to prepare for the reforms.