Loans for those affected, up to 200 million pounds, and paying the first installment after three years.. Wonnos to Al-Watan: Executive instructions will be issued within days… A decree creating an environment free of taxes and fees for those affected by the earthquake and granting interest-free loans

Yesterday, the state launched its first practical steps to mitigate the effects of the earthquake disaster and help those affected recover and restore balance to their lives. President Bashar al-Assad issued Legislative Decree No. 3 of 2023 granting special exemptions to those affected by the earthquake, including taxes, financial fees, service allowances, local costs, and licensing fees for businesses. Total or partial reconstruction or total or partial rehabilitation of their facilities, shops, homes and buildings, until 12/31/2024.

The decree, which comes as one of a series of procedures and policies related to the recovery phase that carries in its depth support for those affected by the earthquake, is an important step to alleviate the suffering of those affected through a wide package of tax exemptions and exemptions from fees and financial costs: such as exemption from taxes and fees on reconstruction work, and total rehabilitation. Exemption from income tax on profits and taxes on real estate revenues, exemption from subscriptions and consumption values ​​for telecommunications, electricity and water services, and postponing the payment of bank loan installments incurred by those affected until the end of the year 2024.

The decree also canceled all verifications of taxes, financial fees, local costs, and service allowances incurred by those affected before the date of the issuance of this decree, and gave those affected the opportunity to borrow from public banks for an amount of up to two hundred million pounds, to be paid over ten years, and the state’s public treasury bears the interest of the loan, and the repayment is not Immediately, but the payment maturity begins following three years from the date of granting the loan, and the state treasury bears the interest and commissions arising from granting these loans.

As for the definitions, the legislator has set a definition for the affected people that is in accordance with the provisions of this legislative decree exclusively as owners or occupants of real estate whose facilities, shops, homes or buildings located within the affected areas were subjected to total or partial demolition or cracks that need to be strengthened as a result of the earthquake. He identified the affected areas as the governorates of Aleppo, Latakia, Hama and Idlib.

Munther Wannous, Director General of the Tax and Fees Authority, explained in a statement to Al-Watan that the decree aims to reduce the financial burdens, fees and taxes for those affected by the effects and repercussions of the earthquake. In the first article of the decree, those who were affected by the earthquake, whether in whole or in part, were identified from those in the affected areas in these Governorates, and facilitating the granting of licenses necessary for the total or partial rehabilitation of damaged buildings in these areas without burdening the owners with any financial costs or burdens, whether fines, taxes or fees.

Wannous added: The legislative instrument granted those affected who have economic activities that were damaged as a result of the earthquake an exemption from income tax. Those affected did not bear any financial burdens, all of which will be borne by the public treasury.

The decree also granted an exemption from all financial burdens resulting from obtaining documents, papers, and proofs from civil status, and all financial burdens (fines) deriving from the Social Insurance Law, whether for the employer or the worker’s share of the fines and losses incurred before the legislative decree came into force, in addition to folding all wages and depreciation values. And fines related to electricity, water and telephone bills for the affected subscribers who were defined in Article 1 of the decree and without the need to submit a request or be “summoned” by those affected, as the request process takes place directly and automatically.

Wannous indicated that the decree allowed the recycling and reduction of losses for those affected for ten years from the year following 2023, taking into account the conditions of the taxpayers, whether affected or not, in the affected areas, and included a focal point for loans in terms of postponing loan installments for current borrowers without incurring any contractual interest, fines or any fees. .

The decree exempted gifts and donations from taxes and consumer spending for companies, and gifts and donations can be accepted as an acceptable expense in the event that the gift or donation is specific to the relief operation and is specific to an affected party in the affected areas.

Wannous indicated that the executive instructions will be issued within days, as the draft has been completed and is being reviewed for approval as executive instructions, in addition to that the Monetary and Credit Council will also issue instructions regarding the loans that the decree allowed to be granted without interest or fines to those affected, and to ensure that all facilities are provided that allow for the implementation of this.

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