The fees collected will be allocated to a central fund managed by the Central Office for Equal Burden-Sharing, the agency that assists Greek-Cypriot refugees after the Turkish invasion and compensates refugees for their inability to own, access or use their property in the occupied territories.
The fee will be paid in 2 categories of transactions:
- for sale of immovable property, on the selling price
- for the sale of shares of a company, on the last appraised price of the immovable property by the Department of Lands and Surveys, corresponding to the shares sold.
The Tax Commissioner announced that it will allow a reasonable period of time to settle the relevant obligation WITHOUT the imposition of interest and monetary charges.
A relevant announcement will be issued shortly by the Tax Commissioner and is emphasized to the public that it is not necessary to immediately settle the obligations arising within the above period, i.e., from 22/02/2021 until 18/11/2022.