At the same time, the Tax Department calls on those who transferred real estate or company shares for loan restructuring purposes to proceed with a relevant objection in order not to pay the fee
Until the end of June, the period for paying the 0.4% fee on the sale of real estate or the transfer of company shares for the benefit of the Central Body for Equal Distribution of Burdens (KFIKB) is extended, as is the period for submitting objections to the fee, according to an announcement by the Department Taxation.
At the same time, after the passage of the relevant law by Parliament on January 18, the Tax Department calls on those who transferred real estate or company shares for loan restructuring purposes to proceed with a relevant objection so as not to pay the fee.
The Department of Taxation reports that according to the latest legislation on the KFIKB published in the Official Gazette of the Republic dated January 26, 2024, no fee is imposed from February 22, 2021 in cases of transfer of real estate or company shares in the context of loan restructuring, on the amount of the price sale or appraised value, as the case may be, which is used to reduce or pay off non-performing loans.
"Persons for whom a fee debt has been created and fall under the above provisions of the legislation, are invited to submit a written objection", it states.
Relevant is the Form "Objection to Payment of Fee (Amount 0.4%) for a Central Body of Equal Distribution of Burdens" (Form T.F.15 KFIKB) 2024 which can be found on the website of the Department of Taxation, section Direct Taxation – Forms – Capital Gains . The objection can be submitted to the local District Offices of the Tax Department or sent by e-mail to the e-mail address dmd@tax.mof.gov.cy.
The deadline for submitting objections, for any reason regarding the payment of a fee for a Central Agency for Equal Burden Distribution, is extended until June 30, 2024.
The date of payment of the relevant Fee, without the imposition of monetary charges and interest, is also extended until June 30, 2024.