Potential Savings for homeowners looking to do work on their property or transfer ownership

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They finalise three building interventions





Three interventions for the resurrection of the building are finalised within the next period the financial staff. These are interventions planned to be included in the new tax bill expected to be tabled by the government by mid-November at the latest and to be voted on with the 2020 budget.

The building support measures are expected to be finalised by mid-September when the budget figures for the current year will be largely finalised, which will be a serious indication for the coming year.

Information from the government’s financial staff speaks of three interventions in support of building activity. It’s about:

– the suspension for a period of three years, ie until the end of 2022 VAT on the delivery of newly built properties . VAT on newly built real estate is seen by Karajiorgi Serbia’s staff as a major obstacle to accelerating construction activity as it significantly increases the tax cost of property transfers. Suspension of VAT will impose a 3% transfer tax on all real estate transfers thus reducing the tax cost of investment transactions in the real estate market.

– the suspension for a further three years, ie until the end of 2022, of the capital gains tax. The tax has already been suspended several times as inappropriate and with its new suspension it is effectively moving towards complete abolition. For… history, the tax is levied at a rate of 20% on the difference between the acquisition price and the sale price of a property. That is, a tax imposed on the “profit” recorded by the seller of the property

– the introduction of a 40% discount on the costs of energy, functional or aesthetic upgrading of immovable property if the costs are substantiated by invoices (invoices, receipts). The deduction can be maintained until its amortization and offset with tax liabilities either on income tax or on interest. The introduction of such large discounts, according to tax experts, is the best incentive for taxpayers to seek and obtain proof of any repair work on their property. At the same time the building activity will be stimulated.

source – capital.gr


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