The Government has approved a new Plus Valia Tax to replace the old one recently declared “void” as “unconstitutional” by the courts.
The new tax will be calculated in one of two ways: based on the “catastral value” of the property or the difference between the value when purchased and the sale price.
The owner of the property may decide which form of calculation to employ and will not pay anything if the sale price is less than the original purchase price.
Readers will recall the previous article in Nexonr reporting that the current Plus Valia Tax was declared void after the court´s ruling.
The new tax replaces the old one and is payable by the owner of a property at the time of sale and by those who inherit property or receive property as a gift.
The new tax comes into effect immediately.
After reading the small print of the court´s decision it appears the ruling is not retrospective and those who have paid Plus Valia Tax in the past will not be able to claim refunds.
