Added burden on short-term accommodation owners

The tax authorities are increasing the burden on owners choosing to rent out their property short-term.

A circular by the Independent Authority for Public Revenue (AADE) includes, according to market players, a provision that states that any short-term rental accommodation should operate as a company branch, which is also subject to a fee for practicing a profession and other management costs (e.g. maintaining a registered office etc).

So instead of the respective management company paying the relevant cost once, it will now be asked to pay it for each property separately, which multiplies charges and makes the activity unattractive for most.