15 ene. 2013

Increase on Purchasing Tax for Properties

With the arrival of 2013 the VAT (Value Added Tax) for buying a new build home in Spain has gone up to 10%.

The purchasing tax for second hand properties (ITP, Impuesto Transmisiones Patrimoniales) has also gone up in some regions, such as the Comunidad Valenciana from 7% to 8%.

The ITP is regulated by the individual autonomic regions in Spain, wheras the VAT is regulated by the central government. The move was announced some months ago by the regional government. The increase of the ITP by 1% makes the purchase of a house with a price of 100,000€ some 1,000€ more expensive.

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