The financial law for 2002, pre-legislative approved by the government, contains various provisions of interest to the
real estate sector, of which we provide an initial summary information while waiting to illustrate the
changes that will be made by Parliament.
Tax deduction for building recovery interventions - The deduction is extended to 30 June 2002 and
should be accompanied by the extension of the VAT reduction on recovery works to 10%, measure
the latter, however, requires agreement at European level. In addition, the possibility of using the deduction
is expanded in the sense that it also applies in the case of recovery interventions of the building heritage,
concerning entire buildings, carried out by construction or property renovation companies, which
ensure the subsequent disposal of the property by 30 June 2002. In this case the deduction
of the personal income tax relating to the renovation works carried out is due to the
successivo acquirente delle singole unità immobiliari in ragione di una aliquota del 36% del valore degli interventi eseguiti, non eccedente il 25% del prezzo dell'unità immobiliare risultante dall'atto pubblico di compravendita e comunque l'importo di lire 150 milioni (euro 77.468,53) per ciascuna unità immobiliare.
The extension of the benefits to redevelopment interventions carried out by companies that subsequently resell the properties follows a request from building builders, who commented positively on the government decision which further expands the possible use of the deduction,
however, noting that the tax discount should concern at least 50% of the purchase price and more
25%. Parliament will also be asked to extend the deadline for benefiting from the deduction even further
on June 30, 2002, a deadline deemed too short.
Abolition of the INVIM – The municipal tax on the increase in value of properties is no longer
due for deeds stipulated starting from 1 January 2002. The government proposal anticipates the effects
of the already foreseen definitive repeal of the INVlM, until now established with effect from 1 January
2003. All sales deeds concluded after December 31 of this year will therefore be exempt.
Revaluation of building land - Owners of building land owned as of January 1st
2002 can revalue them by assuming, instead of the value or purchase cost, the value determined, on the aforementioned date of January 3rd, on the basis of a sworn appraisal - to which the art. applies. 64 cod. civil –
drawn up by a person registered in the register of engineers, architects and surveyors provided that the aforementioned
valore sia assoggettato a una imposta sostitutiva delle imposte sui redditi, pari al 4% del valore determinato dalla perizia, versata entro il 30 settembre 2002. L'imposta può essere rateiuata fino a un massimo
of 3 annual installments starting from September 2002; the installments subsequent to the first are burdened by interest in the
measure of 3% per year to be paid at the same time as each instalment. The expertise of the qualified technician,
together with the identification data, it is kept by the taxpayer together with the payment receipts
of the replacement tax, for presentation in case of request. In any case the sworn report must be
carried out by 30 September 2002. The cost of the appraisal itself is increased by the value of
purchased building land to the extent that this cost has actually been incurred and is
remained the responsibility of the taxpayer. The redetermination of the purchase value of building land
constitutes the minimum normal reference value for the purposes of income taxes, the tax of
register and mortgage and land registry tax.
source: Provisions of interest to the sector...
Grimaldi Padua
Padua - 35137 - Via G. Matteotti, 27
e-mail: padovacentro@grimaldifranchising.it
Tel. +39 49 663 033 - VAT number 05301660287
Grimaldi Cadoneghe
Cadoneghe (PD) - 35010 - Via G. Franco, 2/A
e-mail: cadoneghe@grimaldifranchising.it
tel. +39 049 88 736 56 - VAT number 05322440289