Property tax

Residential property sales in Turkey increased 15 percent year-on-year in October, the country's statistical authority said on Nov. 15.

A total of 137,401 houses changed hands last month, up from 119,574 last year, according to the Turkish Statistical Institute (TÜİK).

Housing sales to foreign buyers also rose during the same period, up 12 percent to 5,893 units.

Twenty-three new cases of publishing and receiving fake and fictitious data, involving companies from a number of industries, have been brought to light by the audits of the Independent Public Revenue Authority. The total value of all these invoices reaches 430 million euros.

In more detail:

There are more than 1,000 persons from abroad, who transferred their tax residence to Greece after the provision of tax incentives that provide for the payment of half income tax and half solidarity contribution for 7 years.

Finance Minister Assen Vassilev Monday said that "today's speculation by a political party about a forthcoming 50 per cent rise in corporate tax is sheer nonsense and deliberate lying amid the election campaign".

For the period 2017-2020, Bulgarian revenue agencies have written off tax liabilities of over BGN 10 billion. For previous periods the amount is similar. This became clear from the second press conference of the caretaker Minister of Finance Asen Vassilev.

 According to the Minister, about BGN 2-3 billion in uncollected taxes are written off every year.

Bulgaria's Tax Freedom Day in 2021 falls on May 20, the latest date in 10 years, said the Institute for Market Economics (IME). Theoretically, the average Bulgarians have worked for nearly 140 days to pay off their tax bill and start earning for themselves.

Finance Minister Assen Vassilev Friday announced personnel changes in the revenue agencies and their priorities at a news briefing on Friday. The caretaker cabinet has replaced the heads of the National Revenue Agency (NRA) andthe National Customs Agency (NCA).

The government's pledge for a further reduction of the Single Property Tax (ENFIA) by 8% this year could still be implemented, according to Finance Minister Christos Staikouras, provided the pandemic subsides.

Real estate has evolved into a vital pillar of the state budget, feeding it with revenues of 3 billion euros per year.

In the last few years the number of property-associated taxes has grown, such as that on rents, while the bureaucracy that goes with every transaction and even a new leases has soared, making property ownership increasingly less attractive.

An extra tax will be paid for houses with a value of more than 5.25 million Turkish Liras ($710,335) according to a communique published in the Official Gazette on Jan. 15.

The Valuable House Tax passed into law in late 2019, but its implementation was suspended for a year.