property tax extension

kavenkoy


Joined: 10/04/2008
Posts: 1787

Message Posted:
25/06/2009 07:18

ive just heard from advocate who says the council of ministry have decided to extend the tax reduction again .



this time until september 09.



good news ?



kav

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
25/06/2009 07:32

Great news, maybe by then I will have my PTP through

sheila

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/06/2009 08:03

A merry lot. Last time the Council of Ministers did not have the legal power to extend it but they did. Now it seems that the new lot is not any wiser. They changed but nothing has changed.

ismet

cronos


Joined: 26/10/2008
Posts: 2093

Message Posted:
25/06/2009 09:01

Ismet...msg 3



Too true.



To quote The Who in "Won't get fooled again"...



"Meet the new boss

Same as the old boss"

McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
25/06/2009 14:50

Ismet,



Are you saying that the Tax Reduction has NOT been extended??



Mc

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/06/2009 15:01

McSteviet,

ı am neither denying nor confirming the extension. All I am saying is that last time it was extended illegally and if it is further extended that is illegal as well but who cares?

ismet

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
25/06/2009 15:07

Is anything legal in the TRNC Ismet? It seems to me that everything that happens is illegal and everyone just turns a blind eye.









The butlers wife

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/06/2009 16:02

The Civil Service is full of young Law Graduates with no experience at all and also there is no respect for the law. The Council of Mİnisters had the powers to reduce the tax for three months which they did but they did not ahve the powers to extend it. That is the job of the parliament. No its not the same thing as smoking "Parliament" Brand cigarettes and deciding on such things

ismet

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
25/06/2009 18:59

Is there anywhere the extenson has been officially announced ?

Howmuchlonger


Joined: 08/11/2008
Posts: 61

Message Posted:
26/06/2009 02:07

http://www.nmplegal.com/news.php

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/06/2009 02:20

Thanks , howmuchlonger

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
26/06/2009 10:06

We paid before the first date, the transfer went through in March we are still waiting for the deeds. And waiting and waiting. (yawn)

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
12/07/2009 21:51

Hi All,

Does anyone on here know what the cost is to the advocate for transfer of title,

Paul.

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
12/07/2009 21:57

Paul the cost for this was included in our initial payment to our advocate.



Cooper

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
12/07/2009 22:07

It's not an extension at all of a lower rate. The retrospective tax legislation now incurs VAT on property bought before VAT existed so amounts to, if not more, the same as it once would have been! Work it out!



Richard

Oxoners


Joined: 24/01/2008
Posts: 128

Message Posted:
12/07/2009 22:10

We were told by our lawyer that it has been extened for purchasers only not for vendors, therefore vendors are not keen on moving forward

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
12/07/2009 22:19

Cooper,

Thats what i thought as well but we are being asked for more money to beat the deadline of the end of Sept or is that something totally different,

Paul.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
12/07/2009 23:41

msg. 10,

I checked the link and this is what it says:

"According to an article in a leading TRNC newspaper published today, the official deadline for completing transfers of title at the reduced rate of tax has been extended until 30th September 2009. This is good news for hundreds of purchasers who are still trying to process the paperwork required to complete their transfer in time."



It is a pity that it does not give the name of the "leading TRNC newspaper" so that we can check it for ourselves and asses its accuracy. Some writers even in the "leading newspapers" will write anything and others will be more authoritative. So the actual wording and the source of the news is really all important.

ismet

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
13/07/2009 08:36

Paul, when transfer of title takes place you are asked to pay your transfer fee explained here - http://www.hbpg-trnc.net/documents/tax_transfer.html there is also a small fee payable to the local municipality which is 1% of the transfer fee. Maybe it is these fee's that your advocate is requesting.



This link explains all taxes payable - http://www.nmplegal.com/pdf/GUIDE%20TO%20TAXES%20FOR%20PROPERTY%20TRANSACTIONS.pdf



Cooper

dodger



Joined: 29/07/2007
Posts: 1895

Message Posted:
13/07/2009 17:12

Hi All,

Thanks for your help really appreciate the info,

Paul.

Cyprus8


Joined: 07/10/2007
Posts: 189

Message Posted:
13/07/2009 21:05

We were also told by our lawyer that the reduction extension only applied to the purchasers and not the vendors. So all had come to a grinding halt again, and builders hoping government will extend their reduction to end of September as well in the next few weeks. Until then the developers have no longer got the incentive to do the transfers, so have stopped.

This was end of last week, anyone know of any changes to that yet? We are waiting to transfer, even though we have no electricity at all and only half a road. But the saving is the incentive for us at the moment.

sunnyday


Joined: 14/03/2008
Posts: 269

Message Posted:
14/07/2009 13:11

The vendors tax has been reduced again, but the tax office are not yet processing any paperwork for the vendors stopaj tax. Apparently the rate change has to be advertised in an official newspaper. The system should be working again by the end of the week.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
14/07/2009 14:49

Can somebody explain to me why this tax is called a property tax? Property tax is surely something entirely different and is paid yearly to the belediyia. Isn't this tax a transfer tax? No wonder people are so confused, perhaps Ismet could answer this for me.





The butlers wife

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
14/07/2009 15:02

PROPERTY TAX - is similar to UK council tax. the bill is issued annually in April and can be paid in two instalments. If you have possession of your property then you should be making this payment. The bills are not posted out so you should take your contract or title deed to your municipality and ask if there is anything outstanding.



TRANSFER TAX - payable upon transfer of title and currently discounted until end of September. Please note that your Property Tax receipt will be required when you are ready to get your title deeds.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
14/07/2009 16:16

Hi Molly,



Thank you for this explanation, my point is why are people calling the transfer tax a property tax when it clearly isn't? I have tried to explain this on another thread yesterday, If people go on calling the transfer tax, property tax (like the heading) then owners just get more and more confused.



The butlers wife

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
15/07/2009 18:52

So, on the assumption that the title deeds, Kocan are ready to be transferred.....

What happens if the purchaser is ready to pay their portion which I understand is .75% BUT the vendor doesnt want to pay / cannot pay their 4%?

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
15/07/2009 21:13

msg 26,

Then you're stuffed.

You do of course have the choice of paying their share, or simply not receiving your Kochan...

And the specific Performance Law means that you cannot even sue the vendor for breach of contract in this case

Of course if you don't have the Kochan, then the propertyand the land that it is situated on is legally still the property of the present Kochan holder - the Vendor!

And he can do with it more or less what he wants - have you thrown out for instance.

This is why a lot of people look at the alternatives and decide to succumb to this piece of blackmail, and pay the Vendor's share as well astheir own - they think that it's better than risking losing everything...

Good Luck!

Ozbey


Joined: 04/03/2009
Posts: 304

Message Posted:
16/07/2009 00:05

keithcaley,

I believe that you can sue the vendor for breach of contract, and you will win compensation (eventually - if he has any money to pay you!). What the Specific Performance Law means is that the court cannot force the vendor to transfer the kocan into your name - a subtle difference, but the choice is yours.

keithcaley



Joined: 13/06/2008
Posts: 2521

Message Posted:
16/07/2009 06:50

Ozbey,

Thanks for the clarification.

I had thought that the SPL negated your contractual rights in this respect.

Keith.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
22/07/2009 11:58

So having successfully obtained compensation for say 4% of the value of the property and p--sed off the vendor, you presumably have no rights to demand the Kocan is transferred to your name by using his money to pay his portion?