Imtilak Properties

 Turkey's parliament approved a law to exempt foreign expatriates from KDV tax when buying residential or commercial buildings in Turkey, according to certain conditions.

According to the new law, foreigners will be exempted from KDV tax when buying a residential and commercial buildings in Turkey.

The law also exempt the Turkish citizens living in other countries of residence with work permits from the tax, for at least 6 months.

The law requires from the non-resident foreigners and non-operating associations when buying for the first time a residential or commercial buildings to pay by foreign currencies in which are brought from outside Turkey.

The law prohibits selling residential and commercial buildings that are purchased without KDV for a full year, the tax will be imposed in case it was sold before the expiration of the period specified.

According to the Anadolu agency, the General Assembly of the Turkish Parliament has approved on Thursday night a package of laws on amendments of the Income Tax law and other laws.

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