The Czech Government reportedly approved on 30 April 2020 a proposal from the Ministry of Finance for the repeal of the country's real estate transfer tax. The 4% tax is levied on the acquiring party in real estate transactions based on the greater of the transaction price or the officially appraised value of the property.
The bill for the repeal must now be submitted in parliament, and if approved, is to apply retroactively from 1 December 2019. In order to address speculative activities in the real estate market as a result of the repeal, capital gains from the sale of real estate, other than an individual's primary residence, will be made fully taxable if the property was held for less than 10 years (down from 5 years).
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.