Syrian Finance: Resumption of Financial Clearance Granting in All Provinces Starting Sunday
July 30, 202580 ViewsRead Time: 2 minutes
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The Syrian Ministry of Finance announced today, Wednesday, the resumption of granting financial clearance in all financial directorates in the provinces, starting from next Sunday, corresponding to the third of August.
In a circular through its Telegram channel, the ministry explained that this measure was taken based on the provisions of Real Estate Sales Tax Law No. 15 of 2021, in coordination with the Ministries of Interior and Local Administration and Environment/General Directorate of Real Estate Affairs, and in the interest of the public, pending the issuance of the new law on real estate sales tax in Syria, and to facilitate the procedures for granting the required financial clearance for establishing or amending real property rights or transferring them to others.
The circular added: "The parties to the sale contract or one of them must present the contractual agreement between them, with this agreement including the actual agreed price, and the financial stamp duty being paid in full based on it."
It is not required to present a notice of payment of 50% of the prevailing value in one of the banks operating in Syria to authenticate sales contracts, but the Ministry of Finance encourages – to protect the parties and ensure their rights – that the buyer or their legal representative deposit the sale proceeds in one of the banks operating in Syria, where, according to the Central Bank of Syria instructions, the full deposited amount can be withdrawn at any time when needed.
According to the circular, in calculating the real estate sales tax, the previously determined prevailing value in the financial directorates is used, reduced by 30% for residential properties. In areas without prevailing values, the values specified in the sales contract are used as the basis for the tax.
Based on the circular, the security approval requirement for granting financial clearance is canceled and replaced with a document stating no objection to completing the real estate transaction valid for three months, which can be obtained immediately along with the financial clearance.
