292 NEWSLETTER 2021 Tax Exemption One of the most important changes brought by Law No. 7221 is that taxpayers owning only one residential property within the borders of Turkey will not be required to pay VHT regardless of the value of this property. In this context, taxpayers owning only one residential property within the borders of Turkey do not submit any declaration or make any notification. Also, those who have more than one house within the scope of the VHT, will not be required to pay VHT for the house with the lowest value. The exemption is also applied to the portion belonging to their shares if these persons own a single residence with a share. In this context, those who have more than one house within the scope of the VHT submit a declaration for their other immovables, except for those with the lowest value. For immovables that are not declared within this scope but are within the scope of the VHT, the form attached to the Communiqué is filled and attached to the declaration. Finally, residential properties that are exempt from the VHT are as follows: • Residential immovable properties or usufruct rights owned by general and special budget administrations, municipalities, and universities; • Residential immovable properties owned by Foreign States that are used as embassies, consulates, or residences for ambassadors; residential immovable properties belonging to representatives of international organizations located in Turkey; and international organizations with their headquarters in Turkey; • Newly built residential immovable properties registered to enterprises whose main activity involves construction that have not yet been subject to initial sale, transfer, or assignment (including residential immovables left by the contractor who undertakes the contracting work in construction works in return for land).
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