"NEWS June 10, 2016-Decade to verify VAT shall begin on the redemption of the property"
The Decade of observation for the adjustment of the tax deduction for property held under finance lease and allocated to members shall commence on the date of redemption of immovable property. This is one of the many aspects be determined by circular No. 26/1st and last June the Agency has provided many expected clarifications to the asset allocation and assignment operation easier for members, as well as for partnership and for the ouster of the property by the individual entrepreneur.
In the appraisal proceeding with one of the opportunities provided by the law of stability 2016, be aware that for VAT purposes there are no special discounts being so ordinary rules apply. In this context, therefore, the assignment or sale of assets to shareholders can be done in the case of residential property Tax exemption scheme or undertaking assigned or given instrumental who built or renovated after five years following the completion of the work (in the absence of sales tax option), or if the company granting is different from that which has built or renovated (without prejudice to the option for VAT in the presence of instrumental properties). Properly, the IRS stipulates firstly that the buildings, or portions thereof, as provided for in article 19, paragraph 8, of presidential decree 633-bis2/1972, are always considered depreciable assets for the purposes of the adjustment of the deduction, regardless of the accounting methods in the budget (goods goods or assets). Correction, that obviously affects only the properties acquired by deducting the tax, must be done by applying the provisions of article 19-bis2 on only one occasion, referring to tenths missed the end of the Decade. While for property acquired in the beginning of the ten-year observation period property is effective from the date of purchase of the real estate, to those acquired through leasing contract wasn't clear if you were having about the contract, or, more correctly, the date on which the redemption by the company using it. The latter position was confirmed by the Agency in circular No. 26, with the result that the tax deducted on financial leases, which services can never be subject to adjustment of the deduction. The latter operates only on the estate tax deducted on the occasion of the ransom (often applied with the reverse charge procedure laid down in article 17, paragraph 6, letter. a-bis, of presidential decree 633/1972), provided that the same has happened for less than ten years from the date of the assignment or the assignment. Although the Agency's position seems detrimental because "defers" the starting point of the Decade at the date of redemption on the other there is an advantage in the "quantum" of VAT deduction adjustment object, as the same is limited to that deducted at the time of redemption and anyway for tenths missed the end of the Decade.
by Sandro Cerato
