Improvement: 10% VATFor those who want to renovate the old house has been re-introduced reduced rate | |
now it is more convenient to restructure
The text, arrived in court on 25/07/2006 after the approval of the Budget Committee, reintroduces the reduced VAT rate of 10% on building renovations.
The measure, introduced by an amendment approved in the Senate Budget Committee, will enter into force on 1 October this year and will be available for three months. The confirmation will take place, possibly with the 2007 Budget.
The decree on liberalization (DL 223/2006) had established - remember - that the 41% income tax deduction for building renovations were made subject to the condition that, for expenses incurred after the entry into force of the decree, the invoice by the person who performed the operation were presented separately the cost of labor (Article 35 paragraph 19).
The measure, introduced by an amendment approved in the Senate Budget Committee, will enter into force on 1 October this year and will be available for three months. The confirmation will take place, possibly with the 2007 Budget.
The decree on liberalization (DL 223/2006) had established - remember - that the 41% income tax deduction for building renovations were made subject to the condition that, for expenses incurred after the entry into force of the decree, the invoice by the person who performed the operation were presented separately the cost of labor (Article 35 paragraph 19).
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The income tax deduction
No changes on personal income tax rates: the deduction remains at 41% and the roof deductible to 48,000 €. Introduced also experimentally by January 1, 2007, the possibility of deducting tax expenses of up to 1,000 € for real estate brokerage regularly reported.
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