Stoppage tax

[Joker2nd]

Anyone, has the stoppage tax gone up ? As was told now 7%'

[Joker2nd]

Also what is this tax?

[MnM]

Unless I'm mistaken, if I remember correctly from when we sold our place, , I THINK, the Stoppage Tax is what you pay on the difference between either the property valuation or actual sale amount and an updated property valuation when you finally get the Kocan. But I'm not sure if it applies to all property sales and all buyers.

[Maisiemoo]

My property was.sold at the end of 2024. I had been informed by the lawyer that the stopaj was 2.86% but considerably less than this was deducted so I never questioned it

[Reyntj]

Its officially based on the higher of valuation or sales price.

Enough said.

[waddo]

So it's based on what you MIGHT have got for the sale and not for what you ACTUALLY got for the sale then? What a great idea, maybe they should apply the same thing to everything - like Civil Servants wages for instance, then the next time they get a pay rise of 11% it MIGHT have been 60% so they get to pay income tax on that amount as well - lol. Guess I would never make it in politics!!!

[frugal90]

that is just so "not right"!!!

they could make up any old valuation!

[wanderer]

Taken from Landmark estates
"Capital gains tax (Turkish – Stopaj) – This is payable by the Vendor of the property, therefore when you sell your property. The amount payable depends on whether the Vendor is a Professional Vendor or a private individual. If the Vendor is a Professional Vendor, the rate will be 6.25%. Otherwise, the rate will be 3.5%."

[EnjoyingTheSun]

that is just so "not right"!!!

they could make up any old valuation!

Like they do for the rental tax

[Reyntj]

I paid 2.8 % of valuation on a sale 4 months ago.


I do have a bad story some iranians i know recently bought a resale 3+1 in iskele. They paid £118 k.

It valued at £180 k!!!!! They unexpectadly got clobbered...

[benjaminbutton]

Apparently, according to the offices, they come and check on your property, if in doubt you might see a drone flying over as they are starting to judge the value of your property by the property around you. In my case a whole load of 6,000K GBP properties have been built and more to come, hence our property will increase in value, or even possibly over valued, which is worrying.

[frugal90]

the fact that the capital gain is not based on the actual sales price but some supposed valuation is just corruption of the highest order. This will be another nail in the coffin for this countries economy

[EnjoyingTheSun]

So just to confirm if you don’t have a full kocan only Turkish Cypriots can buy your house which has had the knock on effect of knocking a massive percentage off the value of your property but just to ensure they don’t miss out on tax revenue the government can value your property as it was before they crashed the property market?

[frugal90]

shocking isn't it

so if you needed a quick sale , you would be clobbered

surely this must be against and reasonable law!

does it happen in any other place in the world??

[benjaminbutton]

Probably/possibly not. As a TC said to me this morning, in his opinion its greedy and he was ashamed. TRNC is not the country of his youth and the last 25 years the country has become unrecognizable. He said the whole dreadful system is aided and abetted by the Sales Agents and greedy Advocates. I thought this was the first local who was viewing his country through many of our eyes and I felt quite sad for him.