Vat Regulatıon Was Pleased Wıth The Real Estate Industry
The draft law on the amendment of value added tax law and delegated legislation was accepted and enacted in the General Assembly of the Grand National Assembly of Turkey.
According to the regulation, taxpayers engaged in second-hand immovable trade will be provided with a special tax base for the delivery of second-hand immovable properties sold without tax, which are obtained from non-taxpayers. In these transactions, the base will be the amount remaining after the purchase price of second-hand immovables is reduced.
No Unfair Anymore
Altın Emlak General Manager Mustafa Hakan Ozelmacıkli stated that a serious injustice ended up in the sector with the arrangement made. “Realtors can not get any invoices when they buy real estate. In fact, the person who sells the property has to make out an invoice for the full amount of the sale price and pay VAT. With the arrangement made, the invoice will not be issued for the entire sales price, after the purchase cost is reduced, the remaining invoice will be issued.”
“According to the law, the land owners who gave the contract also had an arrangement,” said Altin Emlak General Manager. “In this case, the landowners will only pay VAT for the house or business they bought. Moreover, since the land share of the houses or business places to be owned by the land is not transferred to the contractor, the land share will not be taken into consideration in determining the cost price of the houses or work places to be left to the land owner.”