In the new Finance Law, the government did not re-present the extension of the 36% tax discount for property renovations.
This means that those who wish to make changes to their property, taking advantage of the tax relief, will have to hurry, as it can only be applied until the end of this year.
This decision sparked discussion among construction sector associations, which, given the success of the measure, expected a further extension of the relief.
In fact, from January 1998, the date on which the deductions came into force, to the end of this year, it has been estimated that the turnover generated by this measure will reach a total of 40 billion euros with approximately 1,450,000 interventions carried out.
The tax break not only allowed a large number of families to renovate their homes, but also gave new life to the construction sector.
Furthermore, it has proven to be an excellent tool for combating tax evasion, encouraging the emergence of those who previously operated illegally. A fact that supports this aspect is the considerable increase, recorded from 1998 to today, in the number of companies and workers operating in the construction sector.
The construction sector associations, therefore, hope for a rethink on the part of the government and therefore the inclusion, as a last resort, of an amendment to the Budget that contains the extension of the discount.
source: Time House
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