Arranging the exemption of VAT for foreign residential and business place sales will start to be implemented from 1 April.
The law on the restructuring of certain receivables and the amendments to certain laws and decrees on the law was published in the official gazette.
There is also an arrangement in the bag law that introduces a VAT exception for the sale of properties to foreigners.
According to the regulation, foreign nationals who are not settled in Turkey and institutions that do not have a business center, work place or profit in Turkey will not pay VAT on their first place of business and residence provided that they pay the transaction with foreign currency they bring from abroad.
Turkish citizens living abroad for 6 months with a work or residence permit will also not pay VAT if they buy a residence or business from Turkey.
Taking advantage of VAT exemption, residential or business place buyers in Turkey will not be able to sell these real estate for a year, and if they sell these houses and workplaces within one year, the tax not collected on time will be collected.