Restructuring tax deduction: all interventions

For the renovations, the state has provided tax concessions that allow to recover part of the costs incurred for these interventions.

Sky Marketing strives to be Pakistan's biggest real estate developer ever, guaranteeing the highest international standards, prompt execution, and lifetime customer loyalty. For further detail visit nova city islamabad

Let's find out what interventions are allowed for renovations and how to access the deduction.

Restructuring tax deduction: all interventions

Renovation bonus: works allowed on the house
Interventions on the condominium parts
The rules to follow to access the deductions
The beneficiaries of the restructuring bonus
Payment of the restructuring bonus

Dove.it is an online real estate agency that relies on technology and the best agents in the area to guarantee its customers a correct property valuation and to sell a house online at the best price and in the shortest possible time. By simplifying the processes, it is able to offer a service with ZERO commissions for those who sell, keeping the human relationship between customers and agents at the center of its offer through its real estate agencies in the area.

Renovation bonus: works allowed on the house

The tax bonus is an IRPEF deduction that allows you to obtain tax breaks in 10 annual installments of the same amount.

The main interventions that allow you to take advantage of the deduction are:

extraordinary maintenance interventions;
restoration and conservative rehabilitation;
building renovation.

The extraordinary maintenance interventions are those works which provide for the replacement of structural parts of buildings or of hygienic-sanitary interventions. The interventions must not change the volume or involve a change to the intended use.

The main interventions concerning extraordinary maintenance for which you can take advantage of the restructuring bonus are:

construction of lifts and safety stairs;
Toilet;
works aimed at energy saving;
construction of internal stairs or fences;
change of windows and doors;
replacement of interior doors which are intended as routine maintenance.

A second type of interventions are those of restoration and conservative rehabilitation. The interventions aim to preserve the property and ensure its functionality. Some interventions of this type are:

interventions that allow the prevention of degradation situations;
adjustment of the heights of the floors;
opening windows.

The third category of interventions concerns renovations. Interventions of this type aim to transform a building. Some examples of this type of intervention are:

demolition and reconstruction leaving the volume unaltered;
changes to the facade;
opening doors and windows;
construction of toilets.

If the renovation involves an extension of the same real estate unit, the deduction will concern the existing part and not the part of the house that is intended as a new construction.

The further building renovation interventions for which it is possible to request the deduction are:

interventions that allow the restoration of the property damaged following a calamity;
works that allow the elimination of architectural barriers or promote mobility for people with disabilities;
measures that allow greater prevention from unlawful acts such as theft, assault or other crimes;
wiring of buildings or reduction of noise pollution;
work aimed at improving energy efficiency;
carrying out works to increase anti-seismic measures;
asbestos remediation interventions and works that prevent domestic accidents.

The deduction is also valid for buildings renovated for residential purposes by construction companies that request within 18 months from the end of the works.

Read More: PropertyNews

Interventions on the condominium parts

The deduction for interventions on common parts of residential buildings provides the same amount as a tax relief.

The common parts on which a recovery intervention can be carried out are:

all parts of the building necessary for common use such as the arcades, stairs and courtyards;
the premises that are used for shared services.

The deductions are due to individual condominiums based on the thousandth ownership shares and the benefit concerns the year in which the speaking transfer was made by the condominium administrator.

The rules to follow to access the deductions

The distribution of the deduction must be made in 10 equal annual installments. The taxpayer can benefit from the deduction in subsequent tax periods.

The documents to be kept to be shown in the event of a control by the Revenue Agency are:

application for stacking;
IMU payment receipt;
resolution of the condominium assembly for the execution of the works and relative thousandth table for the division of expenses;
declaration of consent to carry out the work by the owner of the property;
concessions and related authorizations to proceed with the related works.

The beneficiaries of the restructuring bonus

The subjects who are entitled to the deduction are all taxpayers who meet certain requirements.

The subjects can be:

the homeowners;
all those persons with a real right of enjoyment;
individual entrepreneurs or entities producing associated income;
subjects who have entered into a rental contract or loan for use.

Other subjects who may request the benefit are family members living together or owners of the properties, a separated spouse to whom a property has been assigned, a member of a civil union and the cohabitant more uxorious.

A person who can take advantage of the deduction is the one who has entered into a preliminary sales contract. The requirements that must be met are to be in possession of the house, carry out a renovation of the house and have registered the compromise.

Since 2018, the obligation to send communication to ENEA has been introduced, as required for energy requalification interventions.

Payment of the restructuring bonus

To make the payment and take advantage of the deduction, it will be necessary to use the speaking transfer.

For the speaking transfer it is necessary to enter:

purpose of the transfer with a precise wording;
the tax code of the beneficiary;
VAT number or tax code;
the benefit to be used.

Source: Businessworld.com.pk

For the renovations, the state has provided tax concessions that allow to recover part of the costs incurred for these interventions. <a href="https://www.skymarketing.com.pk/">Sky Marketing</a> strives to be Pakistan's biggest real estate developer ever, guaranteeing the highest international standards, prompt execution, and lifetime customer loyalty. For further detail visit <a href="https://www.skymarketing.com.pk/nova-city-islamabad/">nova city islamabad</a>   Let's find out what interventions are allowed for renovations and how to access the deduction. Restructuring tax deduction: all interventions <ul> <li>Renovation bonus: works allowed on the house</li> <li>Interventions on the condominium parts</li> <li>The rules to follow to access the deductions</li> <li>The beneficiaries of the restructuring bonus</li> <li>Payment of the restructuring bonus</li> </ul> Dove.it is an online real estate agency that relies on technology and the best agents in the area to guarantee its customers a correct property valuation and to sell a house online at the best price and in the shortest possible time. By simplifying the processes, it is able to offer a service with ZERO commissions for those who sell, keeping the human relationship between customers and agents at the center of its offer through its real estate agencies in the area. Renovation bonus: works allowed on the house The tax bonus is an IRPEF deduction that allows you to obtain tax breaks in 10 annual installments of the same amount. The main interventions that allow you to take advantage of the deduction are: <ul> <li>extraordinary maintenance interventions;</li> <li>restoration and conservative rehabilitation;</li> <li>building renovation.</li> </ul> The extraordinary maintenance interventions are those works which provide for the replacement of structural parts of buildings or of hygienic-sanitary interventions. The interventions must not change the volume or involve a change to the intended use. The main interventions concerning extraordinary maintenance for which you can take advantage of the restructuring bonus are: <ul> <li>construction of lifts and safety stairs;</li> <li>Toilet;</li> <li>works aimed at energy saving;</li> <li>construction of internal stairs or fences;</li> <li>change of windows and doors;</li> <li>replacement of interior doors which are intended as routine maintenance.</li> </ul> A second type of interventions are those of restoration and conservative rehabilitation. The interventions aim to preserve the property and ensure its functionality. Some interventions of this type are: <ul> <li>interventions that allow the prevention of degradation situations;</li> <li>adjustment of the heights of the floors;</li> <li>opening windows.</li> </ul> The third category of interventions concerns renovations. Interventions of this type aim to transform a building. Some examples of this type of intervention are: <ul> <li>demolition and reconstruction leaving the volume unaltered;</li> <li>changes to the facade;</li> <li>opening doors and windows;</li> <li>construction of toilets.</li> </ul> If the renovation involves an extension of the same real estate unit, the deduction will concern the existing part and not the part of the house that is intended as a new construction. The further building renovation interventions for which it is possible to request the deduction are: <ul> <li>interventions that allow the restoration of the property damaged following a calamity;</li> <li>works that allow the elimination of architectural barriers or promote mobility for people with disabilities;</li> <li>measures that allow greater prevention from unlawful acts such as theft, assault or other crimes;</li> <li>wiring of buildings or reduction of noise pollution;</li> <li>work aimed at improving energy efficiency;</li> <li>carrying out works to increase anti-seismic measures;</li> <li>asbestos remediation interventions and works that prevent domestic accidents.</li> </ul> The deduction is also valid for buildings renovated for residential purposes by construction companies that request within 18 months from the end of the works. Read More: <a href="https://propertynews.pk/">PropertyNews</a>   Interventions on the condominium parts The deduction for interventions on common parts of residential buildings provides the same amount as a tax relief. The common parts on which a recovery intervention can be carried out are: <ul> <li>all parts of the building necessary for common use such as the arcades, stairs and courtyards;</li> <li>the premises that are used for shared services.</li> </ul> The deductions are due to individual condominiums based on the thousandth ownership shares and the benefit concerns the year in which the speaking transfer was made by the condominium administrator. The rules to follow to access the deductions The distribution of the deduction must be made in 10 equal annual installments. The taxpayer can benefit from the deduction in subsequent tax periods. The documents to be kept to be shown in the event of a control by the Revenue Agency are: <ul> <li>application for stacking;</li> <li>IMU payment receipt;</li> <li>resolution of the condominium assembly for the execution of the works and relative thousandth table for the division of expenses;</li> <li>declaration of consent to carry out the work by the owner of the property;</li> <li>concessions and related authorizations to proceed with the related works.</li> </ul> The beneficiaries of the restructuring bonus The subjects who are entitled to the deduction are all taxpayers who meet certain requirements. The subjects can be: <ul> <li>the homeowners;</li> <li>all those persons with a real right of enjoyment;</li> <li>individual entrepreneurs or entities producing associated income;</li> <li>subjects who have entered into a rental contract or loan for use.</li> </ul> Other subjects who may request the benefit are family members living together or owners of the properties, a separated spouse to whom a property has been assigned, a member of a civil union and the cohabitant more uxorious. A person who can take advantage of the deduction is the one who has entered into a preliminary sales contract. The requirements that must be met are to be in possession of the house, carry out a renovation of the house and have registered the compromise. Since 2018, the obligation to send communication to ENEA has been introduced, as required for energy requalification interventions. Payment of the restructuring bonus To make the payment and take advantage of the deduction, it will be necessary to use the speaking transfer. For the speaking transfer it is necessary to enter: <ul> <li>purpose of the transfer with a precise wording;</li> <li>the tax code of the beneficiary;</li> <li>VAT number or tax code;</li> <li>the benefit to be used.</li> </ul>   Source: <a href="https://businessworld.com.pk/">Businessworld.com.pk</a>

#64 Restructuring tax deduction: all interventions