Immovable Property Under Vat

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Immovable Property Under VAT

Author : Robert F. W. van Brederode
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041131264
Total Pages : 330 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Immovable Property Under VAT by : Robert F. W. van Brederode

Download or read book Immovable Property Under VAT written by Robert F. W. van Brederode and published by Kluwer Law International B.V.. This book was released on 2010-12-31 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ideal value-added tax (VAT) would carry an economic efficiency ratio of 100 as, in theory, VAT should not be susceptible to exemptions and rate variations. However, practical reality tells a different story, and it will come as no surprise to learn that the VAT systems of almost all countries remain far from the benchmark, and that this is particularly the case when VAT is applied to real estate. This book describes and analyses VAT treatment of real estate transactions in six representative countries: Australia, Canada, Germany, Japan, Mexico, and the United Kingdom. As in any jurisdiction, the VAT schemes covered must accommodate complex factual matrices that demand consistent, fair, and equal treatment. Among these VAT determinants the authors, each an expert in the national tax law of one of the six countries, address the following: types of real estate sales; long versus short term leases; commercial versus residential use; newly constructed versus existing property; status of the parties involved as taxable or non-taxable for VAT; taxable and tax-free supplies; special rules for charities, mooring facilities, aircraft, sports facilities, etc.; subdivision of apartments into title units; commercial residential premises; construction work; cross-border supply of construction work and services; and transfer of a 'going concern'. The discussions also include the practical areas of accounting for VAT, administrative compliance, personal tax liability, and VAT refund and overpayment certification processes, as well as thorough consideration of relevant case law and examination of frequently litigated matters. Each author has designed his or her chapter to ensure that the technical nuances of each system are explained. An introductory chapter outlines economic theory and preferred VAT treatment of real estate transactions, and compares the variety of solutions applied in the six countries covered. Although a number of legal works exist on real estate under VAT in single jurisdictions, this is the first book to combine a multi-jurisdictional approach with attention to relevant economic theory, allowing for a very useful assessment of best practices. For this reason it is sure to be welcomed by practitioners and academics not only as an overview of the problem areas encountered when designing VAT policy, but also as a reference in applying VAT to real estate transactions.

Immovable Property under VAT

Author : Robert F. van Brederode
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041139494
Total Pages : 328 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Immovable Property under VAT by : Robert F. van Brederode

Download or read book Immovable Property under VAT written by Robert F. van Brederode and published by Kluwer Law International B.V.. This book was released on 2011-05-12 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ideal value-added tax (VAT) would carry an economic efficiency ratio of 100 as, in theory, VAT should not be susceptible to exemptions and rate variations. However, practical reality tells a different story, and it will come as no surprise to learn that the VAT systems of almost all countries remain far from the benchmark, and that this is particularly the case when VAT is applied to real estate. This book describes and analyses VAT treatment of real estate transactions in six representative countries: Australia, Canada, Germany, Japan, Mexico, and the United Kingdom. As in any jurisdiction, the VAT schemes covered must accommodate complex factual matrices that demand consistent, fair, and equal treatment. Among these VAT determinants the authors, each an expert in the national tax law of one of the six countries, address the following: types of real estate sales; long versus short term leases; commercial versus residential use; newly constructed versus existing property; status of the parties involved as taxable or non-taxable for VAT; taxable and tax-free supplies; special rules for charities, mooring facilities, aircraft, sports facilities, etc.; subdivision of apartments into title units; commercial residential premises; construction work; cross-border supply of construction work and services; and transfer of a ‘going concern’. The discussions also include the practical areas of accounting for VAT, administrative compliance, personal tax liability, and VAT refund and overpayment certification processes, as well as thorough consideration of relevant case law and examination of frequently litigated matters. Each author has designed his or her chapter to ensure that the technical nuances of each system are explained. An introductory chapter outlines economic theory and preferred VAT treatment of real estate transactions, and compares the variety of solutions applied in the six countries covered. Although a number of legal works exist on real estate under VAT in single jurisdictions, this is the first book to combine a multi-jurisdictional approach with attention to relevant economic theory, allowing for a very useful assessment of best practices. For this reason it is sure to be welcomed by practitioners and academics not only as an overview of the problem areas encountered when designing VAT policy, but also as a reference in applying VAT to real estate transactions.

VAT and Immovable Property

Author : Rebecca Millar
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis VAT and Immovable Property by : Rebecca Millar

Download or read book VAT and Immovable Property written by Rebecca Millar and published by . This book was released on 2016 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should immovable property (in particular residential property) be treated under a value added tax? This paper considers whether proposals to tax all sales of immovable property (including consumer to consumer sales) are preferable to existing models (in which the first sale of new residential property is taxed - the price representing the net present value of the future consumption of the asset purchased - and subsequent sales are exempt).After setting out the essential features of a modern VAT, the paper outlines the consequences of taxing immovable property in full under a VAT, using an example that is gradually changed to illustrate the effects of different approaches. The examples illustrate how full taxation of sales of immovable property equates to non-taxation, while taxing re-sales of residential property with deferred input tax credits (whether without indexation, as proposed by Poddar, or with, as proposed by Conrad) amounts to a capital gains tax on homeowners. The paper concludes that existing models are not merely acceptable alternatives to a full taxation ideal but are in fact the only approach that is consistent with the underlying design of transaction-method VATs. The final section of the paper focuses on how exactly how such models can be given legal effect, using the New Zealand and Australian GSTs as examples. The discussion highlights one critical design feature of both countries' laws, which is ignored in most comparative tax discussions. Both countries target their GST only at value added to land by persons carrying on economic activities. They exclude from the tax base any capital appreciation (or depreciation) on immovable property held by owner-occupiers, residential landlords, and mere investors - an effect that is diametrically opposed to the proposals of Poddar and Cnossen. For reasons explained in the paper, the New Zealand approach has the advantage of being simpler and conceptually clearer, from a legal perspective, and is probably to be preferred.

Immovable Property Under Domestic Law, EU Law and Tax Treaties

Author : Guglielmo Maisto
Publisher :
ISBN 13 : 9789087223274
Total Pages : 600 pages
Book Rating : 4.2/5 (232 download)

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Book Synopsis Immovable Property Under Domestic Law, EU Law and Tax Treaties by : Guglielmo Maisto

Download or read book Immovable Property Under Domestic Law, EU Law and Tax Treaties written by Guglielmo Maisto and published by . This book was released on 2015 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, comprising the proceedings and working documents of an annual seminar held in Milan in November 2014, provides a thorough analysis of the taxation of immovable properties. 0The analysis starts from a survey of the concept of “immovable property” in common and civil law jurisdictions and then considers how different approaches affected the taxation of income deriving therefrom. 0EU tax law issues are then taken into consideration, both from an income tax and VAT viewpoint. In particular, the income tax analysis provides an extensive examination of how taxation of immovable property applied by EU Member States may affect fundamental freedoms.

Fundamentals of EU VAT Law

Author : Frank Nellen
Publisher : Kluwer Law International B.V.
ISBN 13 : 9403523441
Total Pages : 643 pages
Book Rating : 4.4/5 (35 download)

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Book Synopsis Fundamentals of EU VAT Law by : Frank Nellen

Download or read book Fundamentals of EU VAT Law written by Frank Nellen and published by Kluwer Law International B.V.. This book was released on 2020-08-19 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: Parties to cross-border disputes arising anywhere in the vast Portuguese-speaking world – a community of more than 230 million in a space that offers a wide array of investment opportunities across four continents – increasingly seek Portugal as their preferred seat of arbitration. A signatory to all relevant international conventions, Portugal has proven to be an ‘arbitration-friendly’ jurisdiction. This volume is the first and so far only book in English that provides a thorough, in-depth analysis of international arbitration law and practice in Portugal. Its contributing authors are among the most highly regarded legal names in the country, including scholars, arbitrators, and practitioners. The authors describe how international arbitration proceedings are conducted in Portugal, what cautions should be taken, and what procedural strategies may be suitable in particular cases. They provide insightful answers to questions such as the following: What matters can be submitted to arbitration under Portuguese law? What are the validity requirements for an arbitration agreement? How do the State courts interact with arbitration proceedings and what is the attitude of such courts toward international arbitration? What are the rules governing evidentiary matters in arbitration? How is an arbitration tribunal constituted? How are arbitrators appointed? How may they be challenged? How can an international arbitral award be recognized and enforced? How does the Portuguese legal system address the issue of damages and what specific damages are admitted? How are the costs of arbitration proceedings estimated and allocated? The book includes analyses of arbitration related to specific fields of the law, notably sports, administrative, tax, intellectual property rights (especially regarding reference and generic medicines), and corporate disputes. Each chapter provides, for the topics it addresses, an examination of the applicable laws, rules, arbitration practice, and views taken by arbitral tribunals and state courts as well as those of the most highly considered scholars. As a detailed examination of the legal framework and of all procedural steps of an arbitration in Portugal, from the drafting of an arbitration agreement to the enforcement of an award, this book constitutes an invaluable resource for parties involved in or considering an international arbitration in this country. The guidance that it seeks to provide in respect of any problem likely to arise in this context can be useful to arbitrators, judges, academics, and interested lawyers.

Taxes on Immovable Property

Author : Organisation for Economic Co-operation and Development. Committee on Fiscal Affairs
Publisher : Paris, France : Organisation for Economic Co-operation and Development ; [Washington, D.C. : Sales agents, OECD Publications and Information Center]
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Taxes on Immovable Property by : Organisation for Economic Co-operation and Development. Committee on Fiscal Affairs

Download or read book Taxes on Immovable Property written by Organisation for Economic Co-operation and Development. Committee on Fiscal Affairs and published by Paris, France : Organisation for Economic Co-operation and Development ; [Washington, D.C. : Sales agents, OECD Publications and Information Center]. This book was released on 1983 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Survey of taxes on immovable property. Reviews the major policy issues raised in the taxation of land and buildings and compares the main provision of property tax systems in 15 OECD Member countries.

Letting of Immovable Property : an Overview of the Portuguese Further Exclusion to the VAT Exemption

Author : V. Loureiro e Silva
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (126 download)

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Book Synopsis Letting of Immovable Property : an Overview of the Portuguese Further Exclusion to the VAT Exemption by : V. Loureiro e Silva

Download or read book Letting of Immovable Property : an Overview of the Portuguese Further Exclusion to the VAT Exemption written by V. Loureiro e Silva and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Portugal has made use of the option laid down in article 135(2)(2) of the VAT Directive, this Directive providing for a further exclusion to the scope of the VAT exemption applicable to the leasing or letting of immovable property. In this article, the author describes the key aspects of the Portuguese further exclusion and discusses whether it is in accordance with EU law.

Option to Subject the Letting of Immovable Property to VAT.

Author : M. Possoz
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (126 download)

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Book Synopsis Option to Subject the Letting of Immovable Property to VAT. by : M. Possoz

Download or read book Option to Subject the Letting of Immovable Property to VAT. written by M. Possoz and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: On 25 October 2018, Belgium (finally) introduced the highly anticipated optional regime to subject the letting of immovable property to VAT as of 1 January 2019. Until recently, Belgium was the only EU Member State that had not yet introduced such an optional VAT regime. In this article, the authors describe the specific exclusion categories and structures that have been used in the past to avoid the VAT exemption under the former regime and examine the new regime and how these structures can still be used today.

VAT on Property - Made Simple

Author : Michael O’Connor
Publisher : A&C Black
ISBN 13 : 1847669875
Total Pages : 414 pages
Book Rating : 4.8/5 (476 download)

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Book Synopsis VAT on Property - Made Simple by : Michael O’Connor

Download or read book VAT on Property - Made Simple written by Michael O’Connor and published by A&C Black. This book was released on 2012-03-31 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: This provides detailed commentary outlining the new rules governing the application of VAT on property. It is an essential title for practitioners concerned with property legislation and the new VAT system in place. Written for practitioners by practitioners,VAT on Property - Made Simple adopts a unique ’transaction based approach’ in analysing this complex area of property tax. It is an essential tool for every professional advisor working in the property business. Key Features Numerous detailed examples, tax tips and taxtraps are used to explain how such transactions are now liable/exempt from VAT under the new VAT system; Provides useful precedents to assist practitionersin drafting Contract, Lease and VAT Clauses, other VAT documents and records; Written by expereinced practitioners for practitioners; Full coverage of the background, legislation and principles of the new VAT system.

A Guide to the European VAT Directives

Author : B. J. M. Terra
Publisher :
ISBN 13 :
Total Pages : 798 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis A Guide to the European VAT Directives by : B. J. M. Terra

Download or read book A Guide to the European VAT Directives written by B. J. M. Terra and published by . This book was released on 1991 with total page 798 pages. Available in PDF, EPUB and Kindle. Book excerpt: Loose-leaf publication providing comprehensive coverage of all aspects of European Community's Directives on VAT, including Directive 91/680/EEC on the removal of fiscal frontiers on 1 January 1993. Includes a general introduction to VAT, details in relationship and impact of other EC Directives and Acts, explores the history and developments of the Sixth Directive and Directive 91/ 680/EEC, and provides extensive documentation.

Value-Added Taxes in Central and Eastern European Countries A Comparative Survey and Evaluation

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264163492
Total Pages : 163 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Value-Added Taxes in Central and Eastern European Countries A Comparative Survey and Evaluation by : OECD

Download or read book Value-Added Taxes in Central and Eastern European Countries A Comparative Survey and Evaluation written by OECD and published by OECD Publishing. This book was released on 1998-10-09 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study offers a comparative evaluation of the main features of the VAT systems between the ten countries of Central and Eastern Europue and provides a commentary on the development of the VAT systems in line with the VAT legislation of the EU.

Taxation of Services Related with Real Estate Assets and Redeemable Vouchers for VAT Purposes

Author : A. Longás Lafuente
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (126 download)

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Book Synopsis Taxation of Services Related with Real Estate Assets and Redeemable Vouchers for VAT Purposes by : A. Longás Lafuente

Download or read book Taxation of Services Related with Real Estate Assets and Redeemable Vouchers for VAT Purposes written by A. Longás Lafuente and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article deals with taxation of services related to immovable property and of redeemable vouchers for VAT purposes.

A VAT/GST Model Convention

Author : Thomas Ecker
Publisher : IBFD
ISBN 13 : 908722172X
Total Pages : 493 pages
Book Rating : 4.0/5 (872 download)

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Book Synopsis A VAT/GST Model Convention by : Thomas Ecker

Download or read book A VAT/GST Model Convention written by Thomas Ecker and published by IBFD. This book was released on 2013 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the increasing problem of double taxation concerning value added tax (VAT)/goods and services tax (GST) and the resulting constraints to international trade, it is time for the international community to take action. This book analyses the phenomenon of VAT/GST double taxation and possible remedies. VAT/GST treaties would be one of them. But how should one design a VAT/GST treaty? To what extent do existing income tax treaties already apply to VAT/GST? Can income tax treaties simply be extended to VAT/GST or is there a need for a separate, independent VAT/GST treaty? Can the concepts, functioning, and structure of income tax treaties be used for VAT/GST purposes? What are possible alternatives? What should the scope of a VAT/GST treaty be? How can taxing rights be allocated between the parties to a treaty?

Real Property in Germany

Author : Rüdiger Volhard
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Real Property in Germany by : Rüdiger Volhard

Download or read book Real Property in Germany written by Rüdiger Volhard and published by . This book was released on 1991 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International VAT/GST Guidelines

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264271406
Total Pages : 116 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis International VAT/GST Guidelines by : OECD

Download or read book International VAT/GST Guidelines written by OECD and published by OECD Publishing. This book was released on 2017-04-12 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International VAT/GST Guidelines present a set of internationally agreed standards and recommended approaches for the consistent application of VAT to international trade, with a particular focus on trade in services and intangibles.

The VAT Handbook

Author : Geoff Hull
Publisher : Penguin Random House South Africa
ISBN 13 : 1770223738
Total Pages : 287 pages
Book Rating : 4.7/5 (72 download)

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Book Synopsis The VAT Handbook by : Geoff Hull

Download or read book The VAT Handbook written by Geoff Hull and published by Penguin Random House South Africa. This book was released on 2012-04-20 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxpayers often pay over more to the Receiver than required, and nowhere is this more evident than in the payment of Value Added Tax. There are thousands of VAT vendors in South Africa who are obliged to prepare a VAT return every two months. On the face of it, the process is very simple: record the VAT paid in respect of producing your product or service, subtract from this the VAT received in respect of your product or service, and pay the balance over to the Receiver. But in practice it is rather more complex, as certain rules apply to what you can and cannot claim as a legitimate amount, and on imports and exports related to your business. Tax consultants, who service several returns at a time, rush through the work, with the result that large amounts often get overlooked through ignorance or haste and millions of rands go unclaimed, or are paid over to the Receiver unnecessarily. But help is now at hand with The VAT Handbook, everyone’s essential guide on all matters concerning this tax.

Taxing the Consumption of Owner-Occupied Residential Property

Author : Christine Peacock
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Taxing the Consumption of Owner-Occupied Residential Property by : Christine Peacock

Download or read book Taxing the Consumption of Owner-Occupied Residential Property written by Christine Peacock and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Given that VAT/GST systems are primarily designed for the purchase of goods or services that yield immediate consumption, or consumption over a limited period of time, they do not cope well with goods that are consumed over a long, or indefinite, period. The classic example is a personal residence. While the physical house or apartment may have a limited life and depreciates over time, the market value of immovable property may rise as the property passes from one private owner to another. In this case relying on upfront taxation to tax all future consumption of the good may not yield an optimal or appropriate tax outcome.Currently, there is no mechanism in VAT/GST systems to tax the increased consumption value of owner-occupied residential property. A potential alternative approach would see the purchase of residential property recharacterized as the supply of (residential) services for VAT/GST purposes and private individuals (homeowners) forced to be registered and remit VAT/GST to the tax authorities.