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Government allows payment of tax debt via real estate transfers

The General Secretary of Public Revenue Haris Theoharis has announced that taxpayers will be able to pay their debts by transferring real estate property to third parties and ceding proceeds to the State.

According to the regulation, the tax payer will be able to pay a part or the entirety of debts by making the relevant application by transferring ownership of property to a third party, while simultaneously ceding a part or the entirety of the value paid out.

As this is option is available for taxpayers who are otherwise unable to pay their debts, the debtor must include information proof of financial hardship in the application. The payment of debts deriving from tax are prioritized over other sources of debt.

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