Finance Ministry stretches deadlines

Finance Ministry stretches deadlines

The Finance Ministry is granting taxpayers an extra couple of months to complete their property transfer contracts using the previous taxable rates (known as objective values) provided they submitted their transaction tax declaration by the end of 2021.

The deadline was next Monday, but the ministry announced that the process has now been extended until end-March: Property owners who have submitted their declarations for parental concessions, donations and property transfers by December 31 can now complete their contracts at the notaries by March 31, 2022, using the objective values that applied up until December 31 – in their vast majority significantly lower than the new ones.

The new deadline exclusively concerns cases wherein the interested parties have submitted their declarations to their tax offices or the myProperty online platform of the Independent Authority for Public Revenue.

In the second half of December, when the IAPR platform was activated, it received some 15,000 declarations of parental concessions and 4,700 donations; if one adds handwritten declarations submitted at tax offices, the total figure certainly exceeds 30,000.

The reasons these property transfers soared last month wasn’t just the increase in objective values but also the rise in the tax-free limit for parental concessions and donations to 800,000 euros.

The ministry also extended the deadline for debtors with dues created during the pandemic to enter the payment program of 36-72 tranches by one month, from January 31 to February 28. The extension concerns debts to the state and the social security funds.

Debtors may choose the settlement of payment in 36 monthly installments without interest, or in 72 tranches with 2.5% interest. The minimum amount of the tranche is set at €30 for debts up to €1,000 (including interest and penalties) and €50 for dues in excess of €1,000. In case of a delay in the payment of a tranche, a 5% penalty will be imposed.

The ministry has also extended the deadline for heating subsidy application submissions up to February 15, concerning the entire 2021-22 period.

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