ECONOMY

Parental concessions and donations declared online

parental-concessions-and-donations-declared-online

Property gifted or transferred from parents to their children will be filed online for tax purposes as of Monday, on the myProperty platform, the government announced last week.

Donated properties must follow the official property value (“objective value”) charts.

Other gifts transferred through a notary can also be submitted on the platform.

As of December 20, it will be obligatory to file these transactions electronically, regardless of whether they have also been filed on paper.

Transfers submitted to local tax offices in paper format are still valid and will be processed accordingly, unless the signing parties recall them.

The myProperty online platform was out of service yesterday as the Independent Authority for Public Revenue prepared the system for its updated operation on Monday.