Low-tax property transfers to be extended

Low-tax property transfers to be extended

According to circles of the Ministry of Finance, thousands of returns submitted manually to the tax offices are pending for inspection and there is not enough time to process all the cases. In other words, if the deadline, which expires on January 31, is not extended for one or two months, thousands of taxpayers will not have time to complete the contracts, resulting in either a “spoiled” sale or buyers paying higher transfer tax.

It should be noted that the central tax administration had asked all tax offices to complete today, January 21, the clearance of handwritten parental gift – donation tax returns submitted up to December 17, 2021, as well as property transfer tax and parental gift – donation tax returns that could not be submitted as original in myProperty. However, the figures show that not only will they not meet today’s deadline, they will not meet the deadline at the end of the month either.

The Coordinating Committee of Greek Notary Associations (CSCE) and the Panhellenic Federation of Property Owners (POMIDA), in a statement issued, note that the system is unable to service today’s backlog of transactions, leaving traders and other stakeholders (lawyers, notaries, real estate agents, builders, etc.) in real despair.

Thousands of declarations to the relevant financial services are outstanding. Thousands of certificates of non-payment of VAT are awaiting issuance. Similarly, a huge number of certificates, necessary for the drafting of the acts of acceptance of inheritance, are delayed in being issued, with a corresponding delay in the drafting of the relevant acts of acceptance of inheritance. As regards the “Building Identity Card”, the delay in the notarial acts of transfer of real estate due to the waiting for its issuance is enormous (more than 3 months), as engineers are unable to cope with the time needed for its issuance. In this context, they ask the government to give a further two-month extension, i.e. until 31.03.2022 in total, of the framework for property transfers in force until 31.12.2021, i.e. extension of both the validity of last year’s objective values and the validity of all relevant certificates and attestations, so that they do not need to be re-issued.

In the meantime, the “Electronic Property File” is expected to come into force in the near future, which will contain all the necessary supporting documents and papers of a property. Various supporting documents, certificates and documents currently required for a property transfer from all the entities involved (ADE, Land Registry, Technical Chamber, EFKA) will be collected electronically and entered into the file of the property to be transferred. The electronic collection of documents and certificates will be carried out by the notary who will be authorised by the parties.

Source: capital.gr