thingsnigerianslove.com http://www.thingsnigerianslove.com My WordPress Blog Wed, 27 Feb 2019 13:35:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.1 Services to managers of real estate investment funds http://www.thingsnigerianslove.com/2019/02/27/services-to-managers-of-real-estate-investment-funds/ http://www.thingsnigerianslove.com/2019/02/27/services-to-managers-of-real-estate-investment-funds/#respond Wed, 27 Feb 2019 13:35:48 +0000 http://www.thingsnigerianslove.com/2019/02/27/services-to-managers-of-real-estate-investment-funds/

The services rendered to the management company of a real estate investment fund, relating to the identification of the acquisition / sale opportunities for real estate, are financial in nature and are therefore territorially relevant in the country where the management company is established . On the other hand, services attributable to the effective administration of the properties in the portfolio are real estate , so that they are considered taxable at the place where the properties are located.

it is the answer to the interpello n. 65 of 20 February 2019 , with which the Inland Revenue examined the VAT processing, from a territorial point of view , of services rendered in favor of a “closed” real estate fund managed by a company established in another EU country, with identification for VAT purposes in Italy.

These services, concerning buildings located in the national territory , consist in providing assistance to the management company:

These services, concerning buildings located in the national territory , consist in providing assistance to the management company:

  • with reference to the acquisition / sale opportunities for real estate;
  • in the drafting and implementation of the business plan ;
  • in the litigation and in the pre-litigation ;
  • coordinating the periodic evaluation of the real estate portfolio;
  • in relation to the current management of the real estate portfolio.

The Inland Revenue was asked whether the services referred to above:

  • they are generically referable to properties that, being located in Italy, take on tax importance in Italy pursuant to Article 7- quater , paragraph 1, lett. a), Presidential Decree 633/1972 ; or
  • are strictly connected to the management of a real estate portfolio managed by a person established in another EU country and, as such, excluded from VAT in Italy pursuant to article 7- ter , paragraph 1, lett. a), Presidential Decree 633/1972 .

Article 31 bis , para. 1, EU Regulation 282/2011 establishes that services relating to immovable property, territorially relevant for VAT purposes at the place of location of the property, according to Article 47 Directive 2006/112 / EC , ” include only services that present a sufficiently direct link with these assets “.

The next par. 2 of the same article 31- bis EU Regulation 282/2011 , in identifying, by way of example, the services that are considered as relating to real estate, refers to the letter. o) ” property management other than the management of the real estate investment portfolio referred to in paragraph 3 (g), consisting of the management of commercial, industrial or residential real estate from or on behalf of the owner (…)”. Specularly, pursuant to the following par. 3, lett. g), the management of the real estate investment portfolio (…) is not included in the services relating to real estate .

To fully understand the notion of “management of the real estate investment portfolio” are useful indications provided by the European Commission in the Explanatory Notes of 26 October 2015, according to which, ” unlike real estate management services , focused on the regular operation and operation of the asset real estate, portfolio management services deal with the recipient’s financial interests and primarily aim to increase the value of their portfolio. The portfolio manager will therefore not deal with the day-to-day management of the asset , but rather focuses on analyzing and monitoring the market and the assets of his client, buying and selling real estate, adding value and seeking new investment opportunities for his asset. customer, as well as developing relationships with other investors “(paragraph 232).

The aforementioned Commission document also states that ” the main difference between property management and portfolio management lies in the use that is made of the real estate in question. Real estate can be an asset of investment (…) . Whenever an immovable property is purchased or sold for investment purposes, the management services associated with this transaction (including the asset management services provided during the period of ownership) are to be considered as portfolio management and as such do not constitute services relating to immovable property “(paragraph 233).

The Inland Revenue was asked whether the services referred to above:

In the response of the Revenue Agency, the solution proposed by the instant is rejected , according to which the services rendered to the real estate fund management company should be considered as non-territorially relevant for VAT purposes in Italy as the “financial” function prevails of portfolio management of real estate investments.

The indications of the European Commission must, in fact, be coordinated with the position of the jurisprudence of the Court of Justice , which with regard to the notion of ” management of mutual investment funds “, for the purposes of applying the exemption referred to in Article 135 , par. 1, lett. g), Directive 2006/112 / EC, stated that “in addition to the portfolio management functions “, also ” the administrative and accounting management services of funds provided by an external manager ” are included in the notion that – Union judges – must form ” a distinct, globally assessed whole that has the effect of fulfilling the specific and essential functions of fund management ” (judgment of 4 May 2006, case C-169/04 ).

More recently, moreover, the Court has specified that ” the specific activity of a mutual fund consists in the collective investment of the collected capitals. Therefore, since the assets of such a fund consist of real estate, its specific activity includes, on the one hand, activities relating to the selection, acquisition and sale of immovable property and, secondly, to administrative and administrative tasks. accounting (…) . On the other hand, the effective administration of real estate does not specifically concern the administration of a mutual fund, as it goes beyond the various activities linked to the collective investment of the capital collected. Since the effective administration of real estate aims to preserve and increase invested assets, its objective does not specifically relate to the activity of a mutual fund, but concerns every type of investment “(sent December 9, 2015, Case C-595/13 ).

In the light of the case-law referred to, in this case, not all services provided to the management company materialize the specific and essential functions of the management of the unit trust .

According to the Agency, they fall under the notion of “management of the real estate investment portfolio” – and are therefore excluded from VAT in Italy pursuant to Article 7- ter , paragraph 1, lett. a), Presidential Decree 633/1972 – assistance services relating to the identification of acquisition / sale opportunities for real estate .

On the other hand, the remaining services listed above appear to be independent from the management of the real estate investment portfolio , pursuing an objective different from that specifically related to the activity of a mutual fund. Therefore, since they are attributable to the effective administration of the properties in the portfolio , they must be considered territorially relevant in Italy on the basis of the criterion of article 7- quater , paragraph 1, lett. a), Presidential Decree 633/1972 .

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Car purchased by a real estate agent with VAT number – What is the risk for tax debts? http://www.thingsnigerianslove.com/2019/02/08/car-purchased-by-a-real-estate-agent-with-vat-number-what-is-the-risk-for-tax-debts/ http://www.thingsnigerianslove.com/2019/02/08/car-purchased-by-a-real-estate-agent-with-vat-number-what-is-the-risk-for-tax-debts/#respond Fri, 08 Feb 2019 14:10:54 +0000 http://www.thingsnigerianslove.com/2019/02/08/car-purchased-by-a-real-estate-agent-with-vat-number-what-is-the-risk-for-tax-debts/

 

I am a real estate agent and I have debts with Equitalia: I had until recently a very old car that I had to change and now I bought a new car, invoiced with my VAT number. What can Equitalia do on my new car, of a normal value, by virtue of the fact that I use it for work, that is, for my activity as a real estate agent? If they were to seize me, I can no longer carry out my business.

 

Article 515 of the Code of Civil Procedure provides, inter alia, that the assets indispensable for the practice of the debtor’s profession may be attached as one fifth, when the presumable realization value of the other assets found by the officer judicial or indicated by the debtor does not appear sufficient to satisfy the credit.

In particular, then, Article 86, paragraph 2, of Presidential Decree 602/1973, in reference to the enforcement of tax evasion (those claimed by the Public Administration) establishes that the procedure for registering the detention of registered movable assets is initiated by the collection agent with notification to the debtor registered in the public registers of a prior communication containing the notice that, in the absence of payment of the sums due within the term of thirty days, the administrative detention will be executed, without the need for further communication, except that the debtor, in the aforesaid term, proves to the collection agent that the movable asset is instrumental to the activity of the profession.

Given that foreclosure and auctioning a used vehicle, not of valuable value, with 20% of the proceeds, the creditor does not even recover the costs of the procedure, the lethal weapon in the hands of the concessionaire of the collection remains the registration of administrative stop on the vehicle.

But, as we have seen, if, once the notice of administrative arrest has been notified, within thirty days the debtor demonstrates, documents to hand, that the vehicle is functional, as in the case, to its professional activity, the detention can be registered.

He concludes that, at least for his car, he can sleep peacefully.

 

 

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Mortgage loan: The difference between lump sum and indemnity insurance http://www.thingsnigerianslove.com/2019/01/11/mortgage-loan-the-difference-between-lump-sum-and-indemnity-insurance/ http://www.thingsnigerianslove.com/2019/01/11/mortgage-loan-the-difference-between-lump-sum-and-indemnity-insurance/#respond Fri, 11 Jan 2019 15:20:15 +0000 http://www.thingsnigerianslove.com/2019/01/11/mortgage-loan-the-difference-between-lump-sum-and-indemnity-insurance/

Real estate loan insurance

Real estate loan insurance

 Ask yourself the question: What difference then between a indemnity contract and a lump sum contract?

Disability and disability guarantees

Disability and disability guarantees

After the death guarantee and the PTIA guarantee (total and irreversible loss of autonomy), the second inseparable from the first, intervene other guarantees invalidity and incapacity in case of sickness or accident:

IPT guarantee: total permanent disability when the insured person, after a consolidation of his condition, has a disability rate greater than or equal to 66%

ITT guarantee: total temporary incapacity when the insured can not, as a result of an accident or illness guaranteed in the contract, practice his profession or any other that might give him income

IPP guarantee: partial permanent disability when the insured person, after the consolidation of his state, a disability rate greater than or equal to 33% and less than 66%. This guarantee is not always offered by insurers.

When one of these situations arises, two modes of support are possible: indemnity or lump sum. These two concepts are of crucial importance because one is clearly more advantageous than the other.

Compensation contract

Real estate loan insurance

In an indemnity contract, the reimbursement received in the event of a claim is proportional to the decrease in income. If, as a result of an accident, your income decreases by 30%, the guarantee will only be used for this loss. In the event that you receive social benefits that compensate for this decline in income, the insurer does not take care of anything.

The reimbursement of indemnity is mainly proposed in the bank group contracts. We must compare because the alternative offers are more protective when they provide a lump sum refund.

Lump sum contract

The compensation is not in this case, calculated based on the loss of income, but fixed at the signing of the contract. If the contract provides for full coverage of the monthly payment, the insurer will cover the amounts provided independently of any benefits paid elsewhere.

This difference in repayment is paramount, it characterizes the importance of comparing contracts and not stopping at the price, guarantees and exclusions of your contract are paramount. First the guarantees, then comes the price. In the case of an application for a delegation of insurance, it is subject to the equivalence of guarantees. A bank can not refuse an external contract if it has a level of guarantee at least equivalent to that of its group contract. With equal guarantees, delegated insurance can be much cheaper than bank insurance, in particular by the calculation logic, or on the capital borrowed, or on the capital remaining due.

 

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