Dear colleagues

The fact taxed taxed sales and special sales events relating to real estate had a policy change from 01/01/2016.

The rules of the sale of real estate must be distinguished, and that the property can be sold as fixed assets or current assets.

1) Sale of real property, I still this classified as fixed asset accounting (bought without intent to sell)

Anyway now the sale of real property classified as fixed assets always be taxed with VAT, as long as the buyer is a VAT taxpayer and the purchase has been entitled to the tax credit.

In short, to levy tax on sale of real property classified as fixed assets, must meet the following requirements:

  1. a) The seller is VAT taxpayer
  2. b) has been entitled to a tax credit in purchasing, manufacturing or construction.

Article 8, letter m) of the VAT Act.

2) Sale of real property, being classified as current assets, ie as existence (Real estate purchased for resale)

2.1)   Again we must rank among real new or used roots, as the tax base affects VAT is determined differently in both cases, ie the sale of used goods estate has a different tax base for the taxable real estate new

Sale of real estate used (this time only the sale of real estate used will be addressed on another occasion the issue of sale of new goods vera):

Now the sale of real estate is taxed with VAT regardless of whether the seller is a construction company or not, that is, whenever there is sale of real property used if the seller is usual, the sale will be taxed with VAT, whatever the person who alienates and whatever form of tax in the first category.

The new concept of sale, only mentions that the sale of real estate will be taxed with VAT when the person is customary in the sale of such property, the law establishes two cases where the regularity is presumed:

  1. a) When between buying and selling more than one year has elapsed
  2. b) When the taxpayer has effective real estate business.

It is important to note that regularity is simply legal, that is rebutted.

The number 3) of Article 2 of the VAT Act states that correspond to the SII qualify the regularity and that considers the nature, amount and frequency of operations to determine if the mood that guided the taxpayer was purchased for use or for resale.

No. 3) Article 2 of the VAT law says that no regularity is presumed cases, these cases are as follows:

1) The sale of the real estate product of the execution of mortgage guarantees

2) The subsequent disposal of properties foreclosed or received in payment of debts and whenever there is a legal obligation to sell these properties within a specified period;

3) and other cases of forced sales by public auction authorized by court order.

TAXABLE INCOME IN THE SALE OF REAL ESTATE USED WHEN NOT stand the VAT on the purchase.

The general rule of the tax base affects VAT and other additional taxes, is always the price of the transaction, however since 2016, when a regular seller of tangible property sell a property acquired without VAT  (which is not the same as having acquired tax and not use credit or not entitled to it), the VAT of the sale is calculated on the highest value obtained without considering the value of the land in the sale or acquisition.

THE FORMULA IS AS FOLLOWS:

(Sale price – land) – (Purchase price updated to the date of sale – less land) = TAXABLE INCOME AFFECTS VAT.

The value of the land to discount can not exceed the market value, since Article 16, letter g) of the VAT law states that may be deducted maximum value assigned to the land, the market value that has this to date of the operation.

This means that should always be the market value of the land value, since this value is the maximum to discount both the purchase price and the selling price to determine the tax base.

The way to discount the value of the land purchase, equal to the percentage that presents the land on sale, and this percentage is applied to the purchase to determine the value of land included in the purchase, this is exemplified as follows:

1) selling price $ 50,000,000

2) Value of accounting field: 5.000.000

3) market value of land to the date of sale $ 6,000,000

4) Value of purchase of real estate $ 25.0000.000 HISTORY

5) purchase value updated to the date of sale, IPC 5% $ 26,250,000

In this case the value of the higher ground, which is the market value of the land is chosen, the amount to lower the land purchase is determined as follows:

Lower percentage of purchase: land value / sales price = 6,000,000 / 50,000,000 = 12 percent.

Therefore the reduction of the purchase is for $ 26,250,000 * 12% = 3,150,000

THEREFORE THE TAXABLE INCOME AFFECTS VAT IS AS FOLLOWS:

(Sale price – land) less (Purchase price updated to the date of sale – less land) = TAXABLE INCOME AFFECTS VAT.

($ 50.000.0000 – $ 6.000.0000) less ($ 26.25 million – $ 3.15 million) = 20,900,000

$ 44,000,000 $ 23,100,000 = 20,900,000 less

 

VAT amount to $ 20,900,000 affection

exempt amount VAT (sales price less amount affection) $ 29,100,000

VAT $ 3,971,000

Total $ 53,971,000

Best regards
Jorge Gonzalez Pinto
Audit – Accounting – Tax – HR
CEL: (+569) 7 909 43 06
V & J LEGAL ACCOUNTING AND TAX ADVISORS.

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Isabeau
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Muy buena info… sabes si las inmobiliarias a partir del 01 de enero, ya pueden utilizar el IVA credito ( como remanente) para acumular el credito para cuando comienze la venta de los inmuebles?? o solo cuando comience a generar ventas se podra declarar Creditos??

Aun no tengo bien claro la transicion de No Afecto a Afecto a IVA para las inmobiliarias..

Muchas gracias…

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