The main points are as follows:
– Transactions involving “non-ultimated” buildings are subject to VAT (Value Added Tax).
– The specific provisions of art. 10, comma 1 nn. 8-(bis) and 8-(ter) of DPR 633/72 (Italian VAT law) do not apply to these transactions.
– Both the Italian tax authority (Agenzia delle Entrate) and the jurisprudence have confirmed that such transactions are subject to VAT.
– There is a debate about the classification of certain buildings under the F/4 category, where some argue they should be considered as “not yet defined functionally or structurally,” rather than “non-ultimated.”
– If certain conditions are met, such as buildings being classified as non-luxury residential units and meeting “first home” requirements, a reduced VAT rate of 4% may be applicable.
– The determination of the appropriate VAT rate may depend on the stage of completion of the building and its intended use.
In summary, the text addresses the taxation of properties under construction or renovation, explaining that they are subject to VAT and not eligible for specific VAT exemptions. It also discusses the possibility of reduced VAT rates and the conditions that need to be met for such benefits.
Source: eutekne.info
