Since 2010, the person (other than individuals) conducting the operation has been irrevelant in terms of the applicable tax regime; the tax regime is the same for property developers, dealers or investors carrying out a one-off operation.
Development operations can generally be summarised as follows:
In tax terms these operations have consequences at the following levels:
- acquisition: application of land tax and / or VAT;
- building works: application of VAT (declaration and possible delivery to oneself);
- resale: VAT and / or land tax (TPF).
Real estate assets subject to major restructuring operations may be equated to new buildings.
This specific situation is outlined below (see hyperlink: Focus - Major restructuring operations).