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Source: Arrabe Asesores 29 April 2011

Deduction for housing rehabilitation

change in the treatment of deductions for works of improvement in income tax to boost property sector rehabilitation

In order to promote the rehabilitation of the housing sector, the Council of Ministers held last April 20, agreed to change the system of deduction for improvement works in the Income Tax (Royal Decree of April 9, 2010) making it more operational and increasing the deduction for housing reform from 10% to 20%.

Therefore, it has expanded the object of the deduction, which are no longer limited to works carried out in the main residence, but will be expanded to those carried out in any other dwelling, including but intended to be leased pending lease, with the exception that they are not affected by the economic activities of the taxpayer.

Sector output fell 31% in February compared to the same month of 2010, representing the largest decline across the European Union, according to data released yesterday by Eurostat.

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