Legal tip 646. Brussels reprimand Spain on VAT reduction
Wednesday, November 30, 2011 @ 5:21 PM
Redution of VAT to 4% in force till december the 31st is against European Directive on VAT which established the reduced rate ( 5%) just for social housing.
Tax Inspector´s association spokeman Francisco de la Torre thinks the current reduction will be banned and therefore taxes incentives for property sales will have to be worked within the ambits of Transfer Tax and Income Tax.
"Zahara de la Sierra", Cadiz, Spain, by el holgazan, at flickr.com