5-day deadline for property owners! Those who fail to provide a defense will face penalties

While 1 million 688 thousand 910 residential properties changed hands across Turkey last year, a title deed fee of 4 percent of the value declared in the deed was paid to the Ministry of Treasury and Finance for each transaction. The high cost of title deed fees has led buyers and sellers to agree to underreport the sale price over the years, and audits regarding this practice have been increased.

The Revenue Administration (GİB) has launched a comprehensive investigation nationwide as part of its efforts to combat false declarations in title deeds. With notifications prepared throughout January, parties who have bought or sold real estate in the last 5 years and whose transactions are considered risky have been called upon to provide a defense.

SEVERE SANCTIONS FOR THOSE WHO DO NOT APPLY WITHIN 5 DAYS

In accordance with the latest regulation accepted in Parliament, the tax loss penalty applied to those found to have made irregular declarations in title deeds has been increased from 25 percent to 100 percent. With this change, the payment of twice the difference between the amount declared in the title deed and the actual sale price has come to the agenda.

A path of "remorse" has been left open for property owners who wish to reduce the risk of high penalties. For individuals invited by the GİB to provide an explanation, if they apply within 5 days of receiving the notification, no tax loss penalty will be applied.

Those who admit to having made an irregular declaration within this period will only pay the difference between the amount reported in the year the sale took place and the actual amount, with legal interest added. Those who miss the deadline will lose the right to a discount and penalty-free payment.

News Source: 12punto