News 2012 tax building deduction
From 1 January 2012, the tax deduction of 36% on building renovations no longer maturity.
The facility, introduced since 1998 and extended several times, was made permanent by Decree-Law n. 201/2011 (Article 4) which provided for its inclusion among expenses deductible for income tax.
It is also the deduction regime relating to restructuring, of entire buildings, performed by construction companies or property renovation and building societies, which shall, within six months from the date of completion of the work, the subsequent sale or assignment of the property .
In these cases, the purchaser or assignee of the single unit can fall under 36% of the value of work performed.
This value assumes an amount equal to 25% of the sale price or the allotment and in any case within a maximum amount of 48,000 Euros.
In recent years, the legislation governing the matter has been amended several times.
Among the most recent changes include:
- The abolition of the notification of the beginning of work at the Centre of Pescara
- The reduction of the percentage (10-4%) of the withholding tax on transfers that banks and Poste have an obligation to operate
- The elimination of the obligation to indicate the cost of labor, in a distinct manner, in the invoice issued by the company carrying out the work
- The power accorded to the seller, in the event that the housing unit on which the works have been carried out is transferred before the expiry of the period of enjoyment of the deduction, to choose whether to continue to take advantage of deductions not yet used or transfer the purchaser the right to (a person) of the property
- The obligation for all taxpayers to allocate the deductible amount in 10 annual installments, from 2012 is no longer expected to taxpayers of 75 to 80 years to apportion liability for the deduction, respectively, in 5 or 3 annual quotas
- The extension of subsidy to the interventions necessary for the reconstruction or restoration of the property damaged as a result of natural disasters, it has been declared a state of emergency.
10/01/2012
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Translated via software
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Source:
Italian version of CercaGeometra.it