Early communication to the tax office and the indication of the cost of labor are no longer needed
At least until December 31, 2012, the tax advantage for the restructuring is maintained, which allows you to recover 360 euros per 1,000 expense in the form of tax deductions.
Some last year’s measures, first of all the May’s decree, have introduced some novelties and simplified the procedure for getting the bonus:
• the notice of commencement of work at the Pescara Operational Center (throughout Italy) is no longer compulsory;
• the cost of labor must no longer be included in the invoice as a separate item;
• on bank transfers to pay for work, the bank applies a tax withholding of 4% rather than 10% (for the taxpayer it does not change, the news concerns the construction companies that will be credited with a lesser reduction);
• In the case of the sale of a restored property, the deduction of residual installments may remain with the seller or be transferred to the buyer at the decision of the parties. The option must be expressed by notary rogue. Before the allowance was mandatory transferred to the buyer (and the rule still applies to the acts entered into before September 16, 2011).
The Revenue Agency provides a detailed guide to building renovation facilities updated in February 2012.
Let’s summarize here the main requirements of facilitation.
• Maximum amount of expense: € 48,000, • Maximum deduction amount: € 17,280 (ie 36% of 48,000).
• The work and materials are also provided, as a rule, the VAT tax rate of 10%.
• It may benefit those who restructure a property owned by any owner (ie the owners but also those who are renting or using usufruct) by December 31, 2012 or who purchases a property restructured by construction companies or cooperatives by June 30, 2013 (but restructuring must be completed by 31 December 2012).
• All ordinary and extraordinary maintenance, conservation and building renovation are eligible for the following expenses: design, consultancy, expertise, work execution, purchase of materials, electrical installations and methane facilities, conformity report labor, taxes and other bureaucratic costs (VAT, stamp duty, concessions, authorizations and commencement of work), urbanization charges.
All payments to the company carrying out the work must be done by bank transfer from which the causality of the payment and the tax code of both parties are shown (the banks have special forms for this type of transfer).
