Adopting the right in rem to seize and sell the defaulting financing
June 18, 2016
Law No. (21) of 2016
August 30, 2016
The “Presidency of the Republic” in Syria issued Decree No. 18 dated 10/8/2016, which includes amendments to certain provisions of Legislative Decree No. 117 of 1961, specifically regarding the fees collected from the buyer upon registering the sales contract, in addition to amendments to the fees for mortgage or collateral contracts with a specified percentage as detailed below, according to information reviewed by the “Business 2 Business Syria” website.
25% for vehicles manufactured in 1980 or earlier
20% for vehicles manufactured between 1981 and 1990
15% for vehicles manufactured between 1991 and 2000
12% for vehicles manufactured between 2001 and 2010
10% for vehicles manufactured between 2011 and 1990
As for the fee when registering a mortgage or security contract, it amounts to 2% and is collected from the creditor, while the contract for releasing the mortgage or security is exempt from this fee.
It is noteworthy that prior to this decree, vehicle registration fees in Syria were either a fixed flat rate or a single percentage, whereas now they are categorized into five tiers according to the year of manufacture.