No Tax Implications on Real Estate Transfer to Family Members

No Tax Implications on Real Estate Transfer to Family Members

TIRANA, December 16

Starting in 2020, any transfer of property to family members under a gift will not be considered as a taxable transfer. This amendment proposed by the ruling majority lawmaker Evis Kushi was adopted by the Parliamentary Committee of Finance and Economy, will enter into force when voted by the Parliament. The committee decided to adopt a tax-exempt anytime a property is gifted to family members. Hence, the gift of property between spouses or form parents to their children will not trigger a 15 percent taxation of the property value in the hands of the previous owner. The decision will apply only to first degree relatives such as spouses and children, but not to siblings.
According to lawmaker Kushi, the 15 percent tax on property transfer through gifts has no financial impact on the state budget. At the same time, it is too much for the average Albanian household.
Further details on the amendment will be discussed during the upcoming plenary sessions.

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Source: local media


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