Tax on houses aims to limit speculation

The Ministry of Finance has mulled the Asset Law which will impose a tax on houses to create an explicit real-estate market.

Due to the low initial tax on houses, the law aims to reinforce people's awareness in the value of homes as well as help the State limit speculation, cash transactions and tax fraud.

Once the law is promulgated, all real estate transactions will have to go through real-estate exchanges and payments must be made through credit organisations.

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