PLAN TO STIMULATE THE CONSTRUCTION AND TAX RELIEF FOR MORTGAGES
The national government will send to Congress a bill with incentives for
construction and tax breaks for mortgage borrowers, according to the
Ministry of Production and Labor of the Nation. The initiative seeks to
create tax incentives for 24 months to boost construction by changes in
Income Tax, Value Added Tax (VAT) and tax credits and debits Bank. The
project also invites the provinces to adhere to changes in provincial taxes
and municipalities through municipal taxes. The measures, which arise in
part from the proposals discussed at the Bureau of Construction, aim to
stimulate activity and employment in the sector and generate a positive
impact on the entire economy from the many related activities. As for the
income tax, the project will update the cost of investments in real estate
projects, such as land and buildings, provided that the equivalent amount
is reinvested in new projects. Another alternative is to use the
revaluation for that levy, which is to update the investment cost of paying
a tax of 15 on the updated value may be canceled as deferred. It may also
defer payment of income tax on the sale of properties when reinvest in
mutual funds or financial trusts for real estate object and public
offering. In addition, it is proposed to raise the amount of the deduction
in income tax interest mortgage loans, a figure which currently is capped
at 20 000 pesos annually and is not updated for 20 years. Moreover, to
alleviate the need for working capital for new construction, it will enable
generate returns for tax credits for the payment of VAT on the purchase of
inputs generated and have not been able to absorb within six months. And
for all new real estate development, computer 100 percent tax credits and
debits Bank against income tax, currently 33 percent is permitted.
construction and tax breaks for mortgage borrowers, according to the
Ministry of Production and Labor of the Nation. The initiative seeks to
create tax incentives for 24 months to boost construction by changes in
Income Tax, Value Added Tax (VAT) and tax credits and debits Bank. The
project also invites the provinces to adhere to changes in provincial taxes
and municipalities through municipal taxes. The measures, which arise in
part from the proposals discussed at the Bureau of Construction, aim to
stimulate activity and employment in the sector and generate a positive
impact on the entire economy from the many related activities. As for the
income tax, the project will update the cost of investments in real estate
projects, such as land and buildings, provided that the equivalent amount
is reinvested in new projects. Another alternative is to use the
revaluation for that levy, which is to update the investment cost of paying
a tax of 15 on the updated value may be canceled as deferred. It may also
defer payment of income tax on the sale of properties when reinvest in
mutual funds or financial trusts for real estate object and public
offering. In addition, it is proposed to raise the amount of the deduction
in income tax interest mortgage loans, a figure which currently is capped
at 20 000 pesos annually and is not updated for 20 years. Moreover, to
alleviate the need for working capital for new construction, it will enable
generate returns for tax credits for the payment of VAT on the purchase of
inputs generated and have not been able to absorb within six months. And
for all new real estate development, computer 100 percent tax credits and
debits Bank against income tax, currently 33 percent is permitted.