With the object of having greater control and reducing taxevasion in the purchase and sale of real estate in Argentina, thetax authorities (AFIP) have created a register of real estateoperations which exceed RA $300,000 (approx. USD $84,000). Real estate operations carried out after 1 March 2008 requirethe intervening notary public and real estate brokers to act asinformation agents. The latter must make public the properties ithas on sale, its asking value, the final price of the operations,as well as the identity of the seller and purchaser. In this way the AFIP is seeking to control the sub valuation ofreal estate operations which reduces the asset tax which propertyowners must pay, as percentage of the assets declared and valued atthe purchase price or declared land tax, whichever is higher. Therefore, those persons or Companies that wish to put aproperty on the market for sale and its value exceeds RA $300,000must obtain the ¨Real Estate Transaction Offer (COTI), whichmust be shown to the real estate broker and the notary public, thelatter, once the sale has been agreed upon. The COTI represents a central control tool for the AFIP as thesale...
New Regulation For The Purchase Or Sale Of Real Estate
|Author:||Ms María Castro|
To continue readingREQUEST YOUR TRIAL