What taxes are payable on property (Depositing of the Sales Contract)?
1. Transfer fees: see transfer of property ( one-off payment) 2. Immovable property tax. This is an annual tax which is paid on the value of the property, ( on the market value as at 1/1/1980 ) and is a fixed percentage per thousand: [a] Up to 100.000 Nill [b] 100.001-250.000 2.5 [c] 250.001-500.000 3.5 [d] 500.001 and over 4.0 3. Fees for the deposit of a sales contract in the Land registry: The deposit of the sales contract is advisable in order for the purchaser to exercise the defense of specific performance against the developer/seller. The purchaser has the right to deposit the sales contract within 60 days after signing of the contract. However the sales contract must be deposited and stamped within 30 days after signing. After this period a penalty is imposed. The fees are 1.5/thousand for values there after. 4. Capital gains tax: The difference between the purchase price, and other costs incurred, such as inflation, interest costs, improvements etc, and the sales price is liab
