Facilitation of tax clearance certificate

April 4, 2018

With effect from 4 January 2018, the issuing of tax clearance certificates of debt towards the public sector for property sale transactions are facilitated, as the retention rates on the effective sales price are reduced.

Based on the new regulation, the retention percentages of the collected debt will no longer be determined by the Chief Tax Officer but will be automatically determined on a scale that takes into account the repayment rate of the regulated debts ranging from 10% to 70% depending on the amount of the outstanding debt at the time of the application. Moreover, the number of adjustment instalments required for such arrangements is also reduced.