ROME - Against the backdrop of large financial operations on public properties, the concrete events of sales are taking place, especially those to tenants of social security institutions' homes, currently directly linked to the successful outcome of last December's securitization. And among the many issues to be resolved on practical grounds, the Observatory on the assets of institutions has been called upon to provide important clarifications on the 'collective mandate' and on the VAT which from now on will burden some types of rentals.
Collective mandate. It is the instrument with which tenants, who represent at least 80% of the assignees, can obtain a further discount on the price, thus reaching 40.5 percent. According to some cooperatives, excluded from the purchase of the entire building after Legislative Decree 351/2001, the tenants should still have referred to them to express their 'collective' intention. In many cases tenants who had not initially joined the cooperatives had then decided to sign a 'collective mandate' without paying to join the cooperative, which was often very expensive, but organizing themselves. The Observatory had to intervene with the letter dated 19 December 2001, at the request of Asnodim (association of notaries who follow the divestments of entities), to clarify that it is completely legitimate for there to also be two or more 'collective mandates' with 'special powers of attorney': the only condition required is that the sum of the signatories reaches the expected percentage.
VAT and rentals. With the transfer of ownership of houses from entities to Scip, which is a real estate company, the tax regime on rentals has changed: for houses the 2% register remains, on 'other uses' the VAT of 20 percent is triggered. Following reports from Sicet (tenants union), the Observatory (letter dated 4 February 2002) clarified that the rental of non-residential properties which are however appurtenances of homes, such as garages, cellars, parking spaces, etc., remain excluded from VAT.
source: from: Il Sole 24 Ore
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