Real Estate Sales Tax Law
|DATE OF PROMULGATION
||Approved by the People’s Assembly on March 25, 2021
Promulgated by President Bashar Al-Assad on March 29, 2021
- Comes into force on May 3, 2021.
- Comprised of 21 articles and its executive regulations will be issued by the Minister of Finance.
- Imposes a sales tax on the actual market value of a property as opposed to outdated and diminished figures from the 1980s. Property appraisals will be organized by government committees and reflect current rates.
- A one percent tax will be imposed on sales of residential properties, two percent on sales of lands in zoned areas, one percent on sales of lands outside zoned areas, three percent on sales of non-residential properties, and one percent on sales of residential roof properties.
- Taxpayers who object to the levy may formally do so within a 30-day period provided that they first pay the tax and a deposit amounting to one percent of the taxable amount, which are refundable if the objection is upheld by the Council of State Administrative Court.
- Non-residential properties leased to Syrians and foreign nationals are subject to an income tax of 10% of the annual rent while residential properties leased to Syrians and foreign nationals are subject to an income tax of five percent of the annual rent.
- Repealed and replaced the previous Real Estate Sales Tax Law 41/2005 and its amendments contained in Legislative Decree 52/2006.
- The previous Real Estate Sales Tax Law 41/2005 contained amendments to the Income Tax Law 24/2003.
- The Real Estate Sales Tax Law 15/2021 was issued during a severe economic crisis in Syria.