Published
01, December 2023
Category

Yesterday 30 November 2023, the Plenary of the House of Representatives approved the extension of the Debt Restructuring provisions until the 31st December 2024. 

The Debt Restructuring provisions allow for various tax reliefs and incentives in respect of transactions involving transfer of immovable properties by debtors to lenders, reflected in seven different laws. The context of Debt Restructuring has been consecutively extending since 2015 (when it was initially introduced) and yesterday the House of Representatives approved the sixth extension to 31 December 2024. 

The tax reliefs and incentives granted in the context of Debt Restructuring mainly involve: 

  • No payment of stamp duty arising from debt restructuring up to the amount of existing debts;
  • No capital gains tax;
  • No payment of transfer fees in case of transfer of immovable property in the name of the lender;
  • No imposition of “special contribution for defence”;
  • Transfer of encumbrances on the property in case of acquisition of the property by the lender;
  • Exclusion from the calculation of taxable income of any benefit, surplus, profit or loss of a person, arising in the context of debt restructuring.

Contact our team at info@pamboridis.com should you wish to find out more.

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