Enforcement and Collection of a 0.4% fee, according to, the Central Agency For the Equal Distributio

The Tax Department informs that, according to the Central Agency for the Equal Distribution of Burdens (No. 2) Law of 2022 (L172(I)/2022) published on 18/11/2022, the Superintendent of Taxation is responsible for the enforcement and collection of a 0.4% fee for the purposes of the Central Agency for the Equal Distribution of Burdens.

Based on the above Law, in case transfer of ownership, of immovable property and/or shares of any company which is not listed in any recognised Stock Exchange, and which directly or indirectly owns an immovable property, a fee of 0.4% is paid by the seller, as follows:

→ for the sale of an immovable property, on the sale price.
→ for the sale of shares of a company, on the last appraisal, by the Department of Lands and Surveys, of the immovable property, corresponding to the shares being sold.

For the purposes of implementing the relevant legislation, the Tax Department has made all necessary actions for the enforcement and collection of this fee.

It must be emphasised, however, that for the cases within the period from 22/02/2021 (Law 12(I)/2021) until 18/11/2022, the Superintendent of Taxation intends to give a reasonable period of time for settling the relevant obligation WITHOUT the enforcement of interest, and pecuniary penalties. A relevant announcement will be issued at a later date and the public is prompted NOT to come to the offices of the Department for the settlement of the obligations arising within the above period (22/02/2021 - 18/11/2022).

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