The Ministry of Finances’ controversial 15% surplus value tax on property has prompted public notaries of freezing all real estate transaction due to their inability to implement the tax without the proper clarifications and details from the Ministry.
The public notaries have complaining about the provision that they must withhold the tax from transactions and submit it to public funds and reported that the Ministry has neglected to provide critical information on a number of essential matters related to the controversial surplus value tax.
Specifically the notaries have demanded further information on determining the “acquisition value” when the seller has constructed a building on land he owns, when the seller has acquired the property via acquisitive prescription and when property is traded rather than sold.
