The Cyprus Tax Department has announced that the form for the ‘Disposal of Property due to Loan Restructuring’ (Form 415) has been revised and that a new form titled ‘Immovable Property Declaration due to Loan Restructuring – Supplementary Certificate’ (Form 415B) has been published to replace it. Both forms are available on the Tax Department’s website.
The revision follows the extension of tax relief for the disposal of immovable property for the restructuring of non-performing loans introduced by Laws 96(I)/2018, 98(I)/2018, 99(I)/2018 and 100(I)/2018.
Under the new revision, tax exemptions available for loan restructurings regarding sales of immovable property to non-connected persons are extended in the case of repayment of loans that were not being serviced as of December 31, 2015. This is as per the definition in EU Executive Regulation 2015/227.
