: 2019-05-07 Modified date : 2019-05-09
Tax cuts are an effective means for the economic decision-maker to stimulate the local economy as well as a motive for attracting foreign investment.
In the real estate investment sector, real estate tax reductions for foreigners in Turkey are the focus of attention for the foreign investor in particular. In this article, we look at the details of real estate tax cuts in Turkey.
The exemption from VAT in Turkey applies to every residential property or workplace identified in a building permit as a house, dwelling, shop, office, floor apartment when sold for the first time only.
All types of properties listed above must be attached by a floor easement bond and ready for use by the buyer who will receive them.
The buyer must pay at least 50% of the price of the property before organizing the sales invoice, and then he must bring the remaining value of the property in cash to Turkey and pay it within a maximum period of one year.
If you commit to paying half of the price before the sales invoice is made, the KDV will not be charged.
The tax exemption on houses sold to foreigners is usually applied at a minimum of $ 250,000. The other types of real estate tax are excluded as mentioned above.
Upon transfer of ownership of the property in the Directorate of Tabu, it must be reported that this sale is subject to Article 13 / i of the KDV Act and under this notification the Directorate of Tabu add the words "not to be sold before a year" in the property data.
The buyer shall be informed of the amount to be collected in case of sale before a year under Article 48 of Law No. 6183, and the buyer shall sign it.
If the buyer sells the property before the one year or changes its ownership, he will have to pay the VAT that has been exempted from it and the interests of the delay.
Edited by: Imtilak Real Estate ©
Source: Emlak Kulasi
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