Dear Clients / Associates,

The amendments in the Department of Land and Surveys (fees and Duties) Law are in force after being published in the official Gazette on 2nd of December 2011.

The changes in the law are the following:

•  Under the new tax law amendment, any transfers of immovable property that take place between 2 December 2011 (date of adoption of the Law) and until 1 June 2012, is exempted from any transfer duties, if the transaction is subject to Value Added Tax (VAT).
•  In cases where immovable property transactions are not subject to VAT, exemption is only provided for 50% of the transfer fees. This exemption is applicable on plots of land, buildings or interests in land or indivisible interests that are sold for the first time since the date of the relevant planning permission issuance and the contract was prepared and filed for the first time at the Land Registry prior 1 June 2012.
•  In cases where there is an agreed and filed contract to the Land Registry before 1 June 2012, the above exemptions will be available even if the registration of the title takes place after the abovementioned date.
•  The above temporary exemptions do not apply, if the documents for the sale of the immovable property were submitted and then withdrawn after the adoption of the tax law amendment. They do not also apply for agreements that we executed before 2 December 2011.

With proper tax planning, the above amendment of the law can generate substantial tax benefits. For any clarifications please contact HTT Audit Ltd at This email address is being protected from spambots. You need JavaScript enabled to view it..