The Ministry of Finance has issued a warning to its citizens, stating that they should report the fair value of their real estate in title deed transactions. Requesting that citizens should notify those contractors who report undervalued figures compared against the actual figures, the Ministry of Finance reiterated that those doing so will be caught and fined.
""DO NOT TAKE RISKS...""
The Ministry of Finance has been issuing fines for some time for those citizens who fail to declare the accurate value of their properties. Now the Ministry is ready to step up its actions to ensure that the fair value of real estate is declared. The Ministry of Finance has printed guidelines which advise citizens to not take risks when declaring the value of their property.
Stipulating that the fair value of real estate should be declared during the title deed transactions, the Ministry of Finance states: “Moreover, in case an earning that should be declared accrues, the income tax return should be filed as well. In case title deed charges are not paid correctly and in full, they are charged and recovered from both the buyer and the seller individually.”
The Revenues Administration has posted a section on its website entitled ‘Declaration of Fair Purchase / Sales Value of Real Estate during Title Deed Transactions’ alongside procedural guidelines.
To see the answers to questions regarding the ‘Declaration of Fair Purchase / Sales Value of Real Estate during Title Deed Transactions’, please