AK Party presented the regulation to the Turkish Grand National Assembly for the sale of real estate such as lands, fields and workplaces belonging to municipalities and special provincial administrations in installments. According to the current legislation, municipalities could only dispose of their real estate through cash sales, but there was no possibility of paying in installments. However, with the new offer, only 25 percent of the sales price will need to be paid in advance.
The remaining amount can be paid in 12 installments with a maturity of up to 24 months, with legal interest applied. With this regulation, payment conditions will be relaxed in the sale of municipal real estate and a more convenient system will be created for buyers. INCOME TAX WILL NOT BE PAID While under the current regulation, a provisional guarantee of 3 percent of the estimated price is required for participation in tenders, with the new regulation, this rate can be determined between 3 percent and 30 percent.
In sales transactions, title deed transfer can be carried out if a mortgage or bank guarantee letter is obtained in favor of the administration. With the proposed law, VAT will not be collected from the transfer of commercial license plates belonging to service vehicles such as minibuses owned by actual income taxpayers. In addition, there will be no need to pay income tax on the income obtained from the sale of commercial license plates acquired before the entry into force of the article.
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