With the Presidential Decree published on the Official Gazette no 30721, dated 2019, 21 March, the phrase 31/03/2019, which is included in the 5th Article of the annex of the Board of Ministers Resolution dated 30/04/2018 and numbered 2018/11674, was amended as 31/12/2019.
According to the subject amendment, the title deed fee, which has been reduced from 4% to 3%, to be valid until 2019, 31 March with the Board of Ministers Resolution, will remain the same until 2019, 31 December and the parties to the transfer will pay 3% title deed fee in total, 1.5% each.
Another important amendment is the extension of the period related to the discount in Value Added Taxes (VAT) applied to the delivery of residences and workplaces. According to this amendment, VAT rate for the delivery of residences and workplaces which are subject to 18% VAT as usual, will be applied as 8% until 2019, 31 December.
With the subject amendments, it is aimed to prevent the visible shrinkage in the construction and real-estate sectors and to encourage the development of the aforementioned sectors.
This Presidential Decree shall enter into force on 2019, 1 April and shall be executed by the Minister of Treasury and Finance.
The full text of the Presidential Decree can be accessed from here. You can contact us for further information and to take advantage of our advocacy and consulting services. You can find detailed information about our office’s work on Property Ownership Law and Real-Estate Law on our website.
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