The Presidential Decree Amending Some Board of Ministers Resolutions and Presidential Decrees dated 20 March 2019 and numbered 849 ("Decree") is published in the Official Gazette dated 21 March 2019 and numbered 30721. The implementation period of some incentives directly related to the real estate sector has been extended by this Decree.
The title deed fee for the transfer of residences and workplaces by the land registry was reduced from 4% to 3% until 31 March 2019. The discount period has been extended until 31 December 2019 by this Decree.
Another extension of the period is related to the Value Added Tax ("VAT") applied to the delivery of residences and workplaces. Accordingly, the VAT rate for the delivery of residences and workplaces (building and/or independent units), which was subject to 18% VAT, was reduced to 8% until 31 March 2019. The implementation of the discount to the VAT has been extended until 31 December 2019.