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DSG – in the pipeline

Tag Archives: assessment

“AL” and potential Capital Gains Tax

03 Monday Jun 2019

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al, assessment, capital gains, category f, irs, local lodging, personal, tax

The withdrawal of a property from a Local Lodging tourist activity was already potentially subject to capital gains assessment under previous legislation. However, the way the law was drafted left room for doubt as to the exact point that the tax would be due. In the 2018 State Budget, this doubt was clarified, making it unambiguous that there is deferred payment of capital gains tax when the property is further assigned on an ongoing basis to income from category F (long-term rental). Without this abeyance, a Capital Gain may be attained in the year of cessation of the business assignment. Regardless, reporting is done in your annual “IRS” return.

Court forbids retroactive CGT assessments

22 Friday Sep 2017

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assessment, at, CGT, court, retroactive

The Supreme Administrative Court has ruled that the tax authorities may not levy taxes retroactively. In particular, the “AT” may not apply a new rate of taxation to a taxpayer in respect of a transaction that took place before that new rate came into force.

Coercive assessments estimated to reach €1,100 million in 2017

05 Friday May 2017

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2017, assessment, at, automatic, coercive, treasury

Coercive assessments should allow the treasury to collect 1,100 million euros throughout fiscal year 2017. To reach this goal, the “AT” (Tax and Customs Authority) is reinforcing automatisms and computer applications in order to be able to monitor more effectively the progress of  processing tax debts. This represents a decrease from previous years since overdue taxes have also diminished.

Taxation of Sole Traders in NHR

21 Monday Nov 2016

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assessment, category b, high value, non habitual residency, profession, simplified regime, sole trader

If you exercise the “high value ” profession associated with your Non Habitual Resident application in Category B, the levy is customarily based on 75% of gross income, taxed at a flat rate of 20%. This leaves a final flat rate assessment of 15%, as compared to +40% as a typical higher rate taxpayer.

If your business activity is different from your NHR status, tax is commonly based on 35% of the gross income in the Simplified Regime, then assessed at marginal rates. This leads to a typical final assessment of 10-15%

Second “IMI” evaluations

15 Thursday Sep 2016

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assessment, evaluation, IMI, municipal tax

A second “IMI” (Municipal Property Tax) evaluation may be requested either by the property owner or by municipal authorities when there is disagreement over the original set values. Nevertheless, any challenge does not suspend the payment of the first assessment.

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