15% tax imposed on properties rented out to holidaymakers

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15% tax imposed on properties rented out to holidaymakers
Are you renting out a property on the coast? Well, then you must pay a 15% tax to the state. This is a new measure that tax authorities are planning to introduce ahead of the new holiday season. So, tax authorities are looking to collect a tax on rent, which, according to the law, amounts to 15% for each accommodating outlet rented out. According to authorities, this is part of the measures being taken to counter informality in the sector of tourism.

A few days ago, tax department officials declared that this sector represents the biggest risk for tax evasion. They called on businesses operating in this area, such as hotels, bars and restaurants, to declare their incomes, otherwise, they would undergo audits by tax inspectors, thus aiming to formalize this sector during the new holiday season. Yesterday, General Taxation Directorate called on individuals who rent out their homes to declare the revenues that they generate from them, otherwise, they would be subject to penalties. According to this directorate, individuals who rent out their properties are under the obligation to pay 15% tax on the revenues that they generate. Under the law in force, individuals who earn incomes from renting properties must register at the tax office. Otherwise, they will first be penalized and then, if they continue not to pay tax, they will be prosecuted for tax evasion.

 

 

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