Real property – Talktalk China http://talktalkchina.com/ Thu, 25 Nov 2021 09:30:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://talktalkchina.com/wp-content/uploads/2021/10/icon-2-120x120.png Real property – Talktalk China http://talktalkchina.com/ 32 32 Cathay Real Estate Development: Announcement of the Company’s acquisition of real estate located in Sub-Lot 5, Lot Tanmei, Neihu District, Taipei City. https://talktalkchina.com/cathay-real-estate-development-announcement-of-the-companys-acquisition-of-real-estate-located-in-sub-lot-5-lot-tanmei-neihu-district-taipei-city/ Thu, 25 Nov 2021 09:30:12 +0000 https://talktalkchina.com/cathay-real-estate-development-announcement-of-the-companys-acquisition-of-real-estate-located-in-sub-lot-5-lot-tanmei-neihu-district-taipei-city/ Declaration 1.Name and nature of the underlying asset (e.g., land located at Sublot XX, Lot XX, North District, Taichung City):Land located at Sublot 5th,Lot Tanmei , Neihu District, Taipei City. 2.Date of occurrence of the event:2021/11/25 3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping), unit price, and total transaction price:2,854.3 square meters, equivalent […]]]>

Declaration

1.Name and nature of the underlying asset (e.g., land located at Sublot XX,
Lot XX, North District, Taichung City):Land located at Sublot 5th,Lot Tanmei
, Neihu District, Taipei City.
2.Date of occurrence of the event:2021/11/25
3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping),
unit price, and total transaction price:2,854.3 square meters,
equivalent to 863.43 ping.
Transaction price: NT$1,985,879,226�Aunit price:NT$2,300,000.
4.Trading counterparty and its relationship with the Company (if the trading
counterparty is a natural person and furthermore is not a related party of
the Company, the name of the trading counterparty is not required to be
disclosed):Natural person�FNon related-party�C
5.Where the trading counterparty is a related party, announcement shall also
be made of the reason for choosing the related party as trading counterparty
and the identity of the previous owner, its relationship with the Company
and the trading counterparty, and the previous date and monetary amount of
transfer:N/A
6.Where an owner of the underlying assets within the past five years has
been a related party of the Company, the announcement shall also include the
date and price of acquisition and disposal by the related party, and its
relationship with the Company at the time of the transaction:N/A
7.Projected gain (or loss) through disposal (not applicable for
acquisition of assets; those with deferral should provide a table
explaining recognition):N/A
8.Terms of delivery or payment (including payment period and
monetary amount), restrictive covenants in the contract,
and other important terms and conditions:
1st payment:20% of transaction amount;
2nd payment:60% of transaction amount;
3th payment:20% of transaction amount.
Non restriction of payment terms.
9.The manner of deciding on this transaction (such as invitation to tender,
price comparison, or price negotiation), the reference basis for the
decision on price, and the decision-making unit:
Manner of deciding on this transaction: Price negotiation
Reference basis for the decision on price: Appraisal report
Decision-making unit: According to authorization of the Company
10.Name of the professional appraisal firm or company and
its appraisal price:1.CBRE Taiwan Real Estate Appraisal Firm:
NT$1,988,469,617 (Unit price: NT$2,303,000/ping)
2.Colliers Taiwan Real Estate Appraisal Firm:
NT$1,987,000,000 (Unit price: NT$2,301,287/ping)
11.Name of the professional appraiser:1.SHI, FU-XUE & LI, ZHI-WEI
2.KE, FENG-RU
12.Practice certificate number of the professional appraiser:
1. 108-Taipei-000273 & 108-Taipei-000272.
2. 103-Taipei-000203.
13.The appraisal report has a limited price, specific price,
or special price:No
14.An appraisal report has not yet been obtained:No
15.Reason for an appraisal report not being obtained:N/A
16.Reason for any significant discrepancy with the appraisal reports
and opinion of the CPA:N/A
17.Name of the CPA firm:N/A
18.Name of the CPA:N/A
19.Practice certificate number of the CPA:N/A
20.Broker and broker's fee:Natural persons�A1% of transaction amount.
21.Concrete purpose or use of the acquisition or disposal:
Construction of residential buildings for sale
22.Any dissenting opinions of directors to the present transaction:N/A
23.Whether the counterparty of the current transaction is a
related party:No
24.Date of the board of directors resolution:N/A
25.Date of ratification by supervisors or approval by
the audit committee:NA
26.The transaction is to acquire a real property or right-of-use
asset from a related party:No
27.The price assessed in accordance with the Article 16 of the
Regulations Governing the Acquisition and Disposal of Assets
by Public Companies:N/A
28.Where the above assessed price is lower than the transaction price,
the price assessed in accordance with the Article 17 of the same
regulations:N/A
29.Any other matters that need to be specified:None


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More investors looking for real estate in Dubai https://talktalkchina.com/more-investors-looking-for-real-estate-in-dubai/ Sat, 20 Nov 2021 19:03:59 +0000 https://talktalkchina.com/more-investors-looking-for-real-estate-in-dubai/ Dubai is the city where there is always a high demand for buying and renting real estate. This is due to the fact that Dubai is a global tourist center; visitors from all over the world come here all year round. The news of the international exhibition “Expo 2020” in Dubai gave impetus to the […]]]>

Dubai is the city where there is always a high demand for buying and renting real estate. This is due to the fact that Dubai is a global tourist center; visitors from all over the world come here all year round. The news of the international exhibition “Expo 2020” in Dubai gave impetus to the creation of new projects and the construction of new properties. Below we will explain why the demand for villas for sale in United Arab Emirates has increased recently.

The influx of investors to the UAE has increased

Analysis of the data showed that 2021 was a favorable year for the UAE in terms of economy. In addition, more and more foreigners are coming to Dubai to find work. In this regard, developers offer a wide range of residential properties. Dubai’s population is increasing every day resulting in an increase in new construction. Investors buy apartments, houses and villas. They believe that investing in real estate in Dubai is a great way to create stable passive income.

Return on investment in real estate in Dubai

The rental income for a 1-bedroom apartment is around 7.5% per year. And if you consider the profit of real estate in general, then the average annual return on investment is 6%. At the same time, renting a two-room apartment will bring the owner a profit of about 5.8% per year. Three-bedroom apartments also bring not so low income: the annual profitability of such real estate will reach up to 5%. The lowest rental income comes from an apartment with four or more bedrooms, only 3.2%. Nevertheless, this variant of investment also takes place.

Real estate demand in Dubai’s green districts

When it comes to buying real estate, it should be remembered that in addition to apartments, the Dubai real estate market offers villas with terraces and private gardens. This type of residential property is no less popular among Dubai residents and investors. And now there are several reasons contributing to the high demand for houses and villas. After the lockdown in many countries, including the United Arab Emirates, people began to prefer houses over apartments. This has contributed to the increase in the prices of villas, however, the demand for such purchases and rentals of real estate has not diminished.

Additionally, families with children are more likely to prefer quiet, low-rise dormitory areas. And Dubai meets buyers’ views in this regard: in the emirate it is possible to find many beautiful green areas with luxurious gated communities.

Assistance in the selection of properties in the United Arab Emirates

Are you planning to invest in real estate in Dubai? We advise you to contact a professional company for the search and selection of goods. After analyzing the real estate market and listening to your preferences, professional specialists will compile for you a list of interesting and advantageous offers for the sale of an apartment or a house in the most demanded areas of Dubai.

Contact the specialists of Emirates.Estate today and you will be one step closer to stable passive income. Investing in real estate in Dubai is your faith in the future.


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Law School Toolbox Podcast Episode 317: Listening and Learning – Covenants (Real Estate) | Law School Toolkit https://talktalkchina.com/law-school-toolbox-podcast-episode-317-listening-and-learning-covenants-real-estate-law-school-toolkit/ Tue, 09 Nov 2021 08:00:00 +0000 https://talktalkchina.com/law-school-toolbox-podcast-episode-317-listening-and-learning-covenants-real-estate-law-school-toolkit/ Welcome to the Law School Toolbox podcast! This is another part of our “Listen and Learn” series, where we review legal concepts and apply them to models of fact. Today we are going to explore covenants, a type of interest without dispossession in someone’s land. In this episode we discuss: > The rule statement for […]]]>
Welcome to the Law School Toolbox podcast! This is another part of our “Listen and Learn” series, where we review legal concepts and apply them to models of fact. Today we are going to explore covenants, a type of interest without dispossession in someone’s land.

In this episode we discuss:

> The rule statement for alliances

> Restrictive pacts versus affirmative pacts

> The various elements necessary to ensure that a See more +

Welcome to the Law School Toolbox podcast! This is another part of our “Listen and Learn” series, where we review legal concepts and apply them to models of fact. Today we are going to explore covenants, a type of interest without dispossession in someone’s land.

In this episode we discuss:

> The rule statement for alliances

> Restrictive pacts versus affirmative pacts

> The different elements necessary to ensure that a pact is respected

> The remedy for alliances

> Differences between alliances and equitable easements

> Elements of horizontal and vertical deprivation

> Analyze two essay questions from previous bar exams

Resources:

> “Listen and Learn” series (https://lawschooltoolbox.com/law-school-toolbox-podcast-substantive-law-topics/#listen-learn)

> California Bar Exam – Essay Questions and Selected Answers, February 2011 (https://juraxbar.com/wp-content/uploads/2016/04/February-2011-CBX.pdf)

> California Bar Exam – Essay Questions and Selected Answers, July 2005 (https://nwculaw.edu/pdf/bar/July%202005%20Essays%20and%20Sample%20Answers.pdf)

> Bar Exam Toolbox Podcast Episode 122: Listening and Learning – Easements (Real Estate) (https://barexamtoolbox.com/podcast-epiusode-122-listen-and-learn-easements-real-property/)

> Podcast Episode 265: Listen and Learn – Constructive Eviction (https://lawschooltoolbox.com/podcast-episode-265-listen-and-learn-constructive-eviction/)

> Podcast Episode 310: Listen & Learn – Unwanted Possession (https://lawschooltoolbox.com/podcast-episode-310-listen-and-learn-adverse-possession/)

> Firsthand Guide to 1L Courses – Property (https://lawschooltoolbox.com/first-hand-guide-to-1l-courses-property/)

Download the transcript (https://lawschooltoolbox.com/episode-317-listen-and-learn-covenants-real-property/)

If you like the podcast, we would love a good review and / or rating on Apple Podcasts (https://itunes.apple.com/us/podcast/law-school-toolbox-podcast/id1027603976) or your app preferred listening. And don’t hesitate to contact us directly. You can always reach us through the contact form on the Law School Toolbox website (http://lawschooltoolbox.com/contact). If you’re concerned about the bar exam, check out our partner site, The Bar Exam Toolkit (http://barexamtoolbox.com/). You can also sign up for our weekly podcast newsletter (https://lawschooltoolbox.com/get-law-school-podcast-updates/) to make sure you never miss an episode!

Thanks for listening!

Alison & lee See less –


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Malaysia: abolition of property gains tax is timely https://talktalkchina.com/malaysia-abolition-of-property-gains-tax-is-timely/ Thu, 04 Nov 2021 03:57:27 +0000 https://talktalkchina.com/malaysia-abolition-of-property-gains-tax-is-timely/ As part of the 2022 budget, Malaysian Finance Minister Zafrul Abdul Aziz said the government will no longer impose the Real Estate Gains Tax (RPGT) on Malaysians, permanent residents and businesses when they hand over their property. real estate from the sixth year. PIXABAY The abolition of the Real Estate Gains Tax (RPGT) on properties […]]]>

As part of the 2022 budget, Malaysian Finance Minister Zafrul Abdul Aziz said the government will no longer impose the Real Estate Gains Tax (RPGT) on Malaysians, permanent residents and businesses when they hand over their property. real estate from the sixth year. PIXABAY

The abolition of the Real Estate Gains Tax (RPGT) on properties sold after five years is seen as a timely move that will help boost the Malaysian real estate market.

KGV International Property Consultants (M) Sdn Bhd director Samuel Tan said it was a long overdue measure as many see it as an unfair way to penalize long-term property owners on the job. ‘inflation.

“With this abolition, we hope that homeowners will be motivated to move to a desired home without any tax penalties.

“It would be better if the RPGT rate was reduced accordingly for transactions less than five years after purchase to boost the real estate market, because there is hardly any gain anyway,” he told StarBizWeek.

PPC International chief executive Siders Sittampalam said the RPGT was initially imposed to curb speculators.

“The purpose of the RPGT was to get rid of people returning properties because it distorts the market. As part of the 2020 budget, the RPGT was extended beyond five years, but this has become a drag on the market. “

As part of the 2022 budget, which was tabled on October 29, Finance Minister Zafrul Abdul Aziz said the government will no longer impose the RPGT on Malaysians, permanent residents and businesses when they dispose of their real estate assets. from the sixth year.

The government also announced that it would provide two billion ringgit ($ 480 million) of guarantees to on-demand workers seeking housing loans.

Observers say the policy will help the B40 group of people be better placed to apply for loans.

“This will have a positive impact on the residential segment,” says Siders.

Meanwhile, CEO of real estate agency Rahim & Co International Sdn Bhd, Siva Shanker, said efforts should be made to ensure this policy is not misused.

“It’s a good measure to have, but if you don’t know how to apply and manage it properly, it could be misused.

“There are thousands of people who have money but maybe they are not reporting their income correctly just to show that they are not, so that they can qualify for the loan. But that will only deprive those who really deserve it. ”

THE STAR INFORMATION NETWORK (MALAYSIA) / ASIA


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M’sia real property timely tax abolition gains https://talktalkchina.com/msia-real-property-timely-tax-abolition-gains/ Wed, 03 Nov 2021 14:04:53 +0000 https://talktalkchina.com/msia-real-property-timely-tax-abolition-gains/ As part of the 2022 budget, Malaysian Finance Minister Zafrul Abdul Aziz said the government will no longer impose the Real Estate Gains Tax (RPGT) on Malaysians, permanent residents and businesses when they hand over their property. real estate from the sixth year. PIXABAY The abolition of the Real Estate Gains Tax (RPGT) on properties […]]]>

As part of the 2022 budget, Malaysian Finance Minister Zafrul Abdul Aziz said the government will no longer impose the Real Estate Gains Tax (RPGT) on Malaysians, permanent residents and businesses when they hand over their property. real estate from the sixth year. PIXABAY

The abolition of the Real Estate Gains Tax (RPGT) on properties sold after five years is seen as a timely move that will help boost the Malaysian real estate market.

KGV International Property Consultants (M) Sdn Bhd Director Samuel Tan said it was a long overdue measure as many see it as an unfair way to penalize long-term property owners on the ‘inflation.

“With this abolition, we hope that homeowners will be motivated to move to a desired home without any tax penalties.

“It would be better if the RPGT rate was reduced accordingly for transactions less than five years after purchase to boost the real estate market, because there is hardly any gain anyway,” he told StarBizWeek.

PPC International chief executive Siders Sittampalam said the RPGT was initially imposed to curb speculators.

“The purpose of the RPGT was to get rid of people returning properties because it distorts the market. As part of the 2020 budget, the RPGT was extended beyond five years, but this has become a drag on the market. “

As part of the 2022 budget, which was tabled on October 29, Finance Minister Zafrul Abdul Aziz said the government will no longer impose the RPGT on Malaysians, permanent residents and businesses when they dispose of their real estate assets. from the sixth year.

The government also announced that it would provide two billion ringgit ($ 480 million) of guarantees to on-demand workers seeking housing loans.

Observers say the policy will help the B40 group of people be better placed to apply for loans.

“This will have a positive impact on the residential segment,” says Siders.

Meanwhile, CEO of real estate agency Rahim & Co International Sdn Bhd, Siva Shanker, said efforts should be made to ensure this policy is not misused.

“It’s a good measure to have, but if you don’t know how to apply and manage it properly, it could be misused.

“There are thousands of people who have money but maybe they are not reporting their income correctly just to show that they are not, so that they can qualify for the loan. But that will only deprive those who really deserve it. ”

THE STAR INFORMATION NETWORK (MALAYSIA) / ASIA


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The abolition of the real estate gains tax, a long-awaited decision https://talktalkchina.com/the-abolition-of-the-real-estate-gains-tax-a-long-awaited-decision/ Sat, 30 Oct 2021 00:59:08 +0000 https://talktalkchina.com/the-abolition-of-the-real-estate-gains-tax-a-long-awaited-decision/ The abolition of the Real Estate Gains Tax (RPGT) on properties sold after five years is seen as a timely move that will help boost the local real estate market. KGV International Property Consultants (M) Sdn Bhd director Samuel Tan said it was a long overdue measure as many see it as an unfair way […]]]>

The abolition of the Real Estate Gains Tax (RPGT) on properties sold after five years is seen as a timely move that will help boost the local real estate market.

KGV International Property Consultants (M) Sdn Bhd director Samuel Tan said it was a long overdue measure as many see it as an unfair way to penalize long-term property owners on the job. ‘inflation.

“With this abolition, we hope that homeowners will be motivated to move to a desired home without any tax penalties.

“It would be better if the RPGT rate was reduced accordingly for transactions less than five years after purchase to boost the real estate market, because there is hardly any gain anyway,” he told StarBizWeek.

PPC International chief executive Datuk Siders Sittampalam said the RPGT was initially imposed to curb speculators.

“The purpose of the RPGT was to get rid of people returning properties because it distorts the market. As part of the 2020 budget, the RPGT was extended beyond five years, but this has become a drag on the market. “

As part of the 2022 budget, which was tabled yesterday, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the government will no longer impose the RPGT on Malaysians, permanent residents and businesses when they dispose of their assets. real estate from the sixth year.

The government also announced that it would provide RM2bil in the form of guarantees to workers seeking housing loans.

Observers say the policy will help the B40 group of people be in a better position to apply for loans.

“This will have a positive impact on the residential segment,” says Siders.

Meanwhile, managing director of real estate agency Rahim & Co International Sdn Bhd, Siva Shanker, said efforts should be made to ensure this policy is not misused.

“It’s a good measure to have, but if you don’t know how to apply and manage it properly, it could be misused.

“There are thousands of people who have money but maybe they are not reporting their income correctly just to show that they are not, so that they can qualify for the loan. But that will only deprive those who really deserve it. “


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Taxable Sale of Real Property by a Non-Registrant and Subsection 257 (1) of the Excise Tax Act – Canadian Tax Lawyer GST / HST Guidelines – Tax https://talktalkchina.com/taxable-sale-of-real-property-by-a-non-registrant-and-subsection-257-1-of-the-excise-tax-act-canadian-tax-lawyer-gst-hst-guidelines-tax/ Mon, 18 Oct 2021 07:13:47 +0000 https://talktalkchina.com/taxable-sale-of-real-property-by-a-non-registrant-and-subsection-257-1-of-the-excise-tax-act-canadian-tax-lawyer-gst-hst-guidelines-tax/ Introduction – Section 257 of the Excise Tax Act Where the sale of an immovable constitutes a taxable sale for the purposes of the Excise Tax Act, the GST / HST should have been collected and remitted on the sale of that immovable. On this basis, a GST / HST registrant would normally be eligible […]]]>

Introduction – Section 257 of the Excise Tax Act

Where the sale of an immovable constitutes a taxable sale for the purposes of the Excise Tax Act, the GST / HST should have been collected and remitted on the sale of that immovable. On this basis, a GST / HST registrant would normally be eligible to claim input tax credits (“ITCs”) for the GST / HST portion of construction costs. Section 257 of the Excise Tax Act allows a non-GST / HST registrant, who makes a taxable sale of real property, to claim ITCs by way of a refund on the tax paid on the property. construction before sale. More specifically, this rebate is available when a non-registrant makes a taxable sale of an immovable and the non-registrant has paid the GST / HST on the purchase of this immovable and / or on the improvements (i.e. (i.e. major constructions or renovations) made to the building. but previously, the non-registrant was not able to recover the tax (for example because he requested a different refund). Section 257 of the Excise Tax Act reads as follows:

  • 257 (1) If a person who is not a registrant makes a particular taxable supply of real property by way of sale, the Minister, subject to subsections (1.1) and (2), shall pay the person a refund equal to the lesser of
    • (a) the basic tax content of the property at the particular time, and
    • (b) the tax that is or would be, but for section 167 or 167.11, payable in respect of the particular supply.

Therefore, a non-registrant can request a refund of part of the total tax payable on the purchase and / or improvement made to the immovable. In Grondin v. The Queen, 2015 TCC 169, Judge B. Paris concluded that “it is clear from the wording of this provision that the non-registrant must have made the taxable supply of an immovable to be entitled to the reimbursement provided for in article 257.” In Villa Ste-Rose Inc. v. The Queen, 2019 TCC 60, Justice D’Auray explained that under section 257 of the Excise Tax Act, an unregistered builder can “claim a substantial amount of GST he paid to suppliers during the construction of the building. ” A non-registrant can therefore claim ITCs as a refund under section 257 of the Excise Tax Act.

However, in cases where the non-registrant has the right to recover part or all of the tax he paid on the purchase or improvement of the immovable by requesting another type of reimbursement, the amount of this refund will reduce the amount that the non-registrant is entitled to recover under section 257 of the Excise Tax Act.

The definition of a “builder” under the Excise Tax Act

Subsection 123 (1) of the Excise Tax Act provides that a builder of a residential complex or of an addition to a multiple unit residential complex designates a person who:

  • at a time when the person has an interest in the immovable in which the immovable is located, operates or engages another person to operate for them (i.ii)
    • in any other case, the construction or substantial renovation of the whole
  • . (e)

but don’t understand

  • an individual referred to in paragraph (a), (b) or (d) who
    • continues construction or heavy renovation,
    • engages another person to carry out the construction or substantial renovation for the individual, or
    • acquires the complex or interest in it,

other than in the course of a business or adventure or business of a commercial nature.

Self-sufficiency rules under section 191 of the Excise Tax Act

Subsection 191 (1) of the ETA considers that a builder has made a self-supply at the time of occupancy after major renovations and is required to remit GST / HST to the CRA. However, subsection 191 (5) of the Act contains an “exception” for the personal use of the licensee. Section 191 (5) reads as follows:

  • Exception for personal use
    (5) Subsections (1) to (4) do not apply to the builder of a residential complex or of an addition to a residential complex where:
    1. the builder is an individual;
    2. at any time after the substantial completion of the construction or renovation of the building or addition, the building serves primarily as the place of residence of the individual, an individual related to the individual or a former spouse or common-law partner of the individual;
    3. the complex is not used primarily for other purposes between the time the construction or renovation is largely completed and that time; and
    4. the individual has not claimed an input tax credit in respect of the acquisition or improvement of the immovable.

Subsection 191 (1) will only apply to an individual occupying property that he has constructed if he is the builder of the property within the meaning of subsection 123 (1) “builder” of the Excise Tax Act. An individual who constructs or substantially renovates a property other than as part of a business or project or business of a commercial nature is not a builder.

Who can claim a refund under subsection 257 (1) of the Excise Tax Act?

A claimant may claim a rebate under subsection 257 (1) of the Excise Tax Act if he meets the following requirements: (1) he is a non-registrant for GST / HST; (2) they paid GST / HST on real property, including, but not limited to, land and buildings; and (3) they have made a taxable sale of that property, including a deemed taxable sale under the Excise Tax Act.

Calculation of rebate under subsection 257 (1) of the Excise Tax Act

The amount of the reimbursement is equal to the lesser of the following amounts: 1 ° the tax content of the immovable at the time of the sale; and (2) the GST / HST payable on the sale of the property, or the GST / HST that would have been payable on the sale if the property had not been part of an election to acquire a business or part of a Company.

How do I apply for the refund under subsection 257 (1) of the Excise Tax Act?

To claim a GST / HST rebate on any improvement to property that is included in an applicant’s basic tax content, the applicant must complete Form GST189 General Application for GST / HST Rebate. In addition, claimants are required to provide the Canada Revenue Agency (CRA) with an explanation describing the circumstances surrounding the reimbursement claim and include supporting documentation for renovation costs incurred during construction of the building. as well as a worksheet summarizing these, if only. In particular, claimants must provide the following information to the CRA with their general rebate claim:

  • The address of the property along with a description of the property (i.e. a description of whether the property is vacant land or a substantially renovated house);
  • The applicant’s original intention to purchase the property and whether that intention changed after purchasing that property and a description of subsequent intentions, if any;
  • Use of the property by the applicant (i.e., personal use or rental property); and
  • A list of the GST / HST paid on all improvements to the property along with a description of those improvements.

However, if the property has been sold, applicants must also complete Form GST162 Goods and Services Tax / Harmonized Sales Tax (GST / HST) Return (Non-personalized) and provide the following information with their rebate claim. :

  • A copy of the adjustment statement relating to the sale of the property;
  • The date of sale and the closing date;
  • The name (s) of the buyer (s);
  • An indication as to whether or not the applicant is non-resident in Canada for tax purposes; and
  • Whether, or not, the applicant was responsible for collecting the tax he declares the GST / HST payable, by the purchaser of the property, on the sale of that property.

Professional tax advice – Tax advice and taxable sale of real estate

If you sold a property and the sale of that property constitutes a taxable sale for the purposes of the Excise Tax Act, the GST / HST should have been collected and remitted on the sale of the property. The sale of a building may give you the right to claim ITCs for the GST / HST portion of the construction costs before the final sale. A refund claim under section 257 of the Excise Tax Act is a complex area of ​​tax law that requires detailed analysis and the advice of an experienced Canadian tax professional. If you are deemed to have made a taxable sale and were not a registrant at the time, or if you have questions regarding the refund under subsection 257 (1) of the Excise Tax Act, contact our Canadian GST / HST attorneys for tax advice and determine if you have reasonable circumstances to claim a refund, for the purposes of the Input Tax Credit Regulations

Faq

Accordion Title Example Who can claim a refund under subsection 257 (1) of the Excise Tax Act?

Applicants can claim this rebate if they meet the following requirements: (1) they are non-GST / HST registrants; (2) they paid GST / HST on real property, including, but not limited to, land and buildings; and (3) they have made a taxable sale of that property, including a deemed taxable sale under the Excise Tax Act.

The amount of the reimbursement is equal to the lesser of the following amounts: 1 ° the tax content of the immovable at the time of the sale; and (2) the GST / HST payable on the sale of the property, or the GST / HST that would have been payable on the sale if the property had not been part of an election to acquire a business or part of a Company.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.


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NFA not exempt from property tax, CTA rules – Manila Bulletin https://talktalkchina.com/nfa-not-exempt-from-property-tax-cta-rules-manila-bulletin/ Sun, 17 Oct 2021 07:00:00 +0000 https://talktalkchina.com/nfa-not-exempt-from-property-tax-cta-rules-manila-bulletin/ New / national / NFA not exempt from property tax, CTA rules NFA not exempt from property tax, CTA rules Lots owned by the National Food Authority (NFA) are subject to property tax (RPT) imposed and collected by local government units (LGU), the Tax Appeal Court (CTA) said in a ruling. The decision of the […]]]>

NFA not exempt from property tax, CTA rules

Lots owned by the National Food Authority (NFA) are subject to property tax (RPT) imposed and collected by local government units (LGU), the Tax Appeal Court (CTA) said in a ruling.

The decision of the second division of the court upheld the decision of the Ligao City, Albay Regional Court of First Instance (RTC) in April 2019.

The RTC denied the NFA’s petition to quash the city government’s over P642,000 deficiency RPT issued for its lot and warehouse in Barangay Calzada, Ligao City

The NFA argued that the agency is a government “instrument” exempt from TPR under the Local Government Code (LGC).

The court said, however, that the NFA is a government owned and controlled corporation (GOCC) whose tax exemption privilege was removed when the LGC was enacted in 1992.

He explained that GOCC is a stock or non-stock company while the government instrument can be vested with corporate powers but does not necessarily become a corporation like the government service insurance system.

Deputy Judge Jean Marie Bacorro-Villena, who drafted the 27-page decision, said that “LGU’s taxing power is the most effective instrument to raise the revenue needed to finance and support the provision of services to population “.


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insight – Income tax vs tax on real estate gains https://talktalkchina.com/insight-income-tax-vs-tax-on-real-estate-gains/ Fri, 15 Oct 2021 00:47:20 +0000 https://talktalkchina.com/insight-income-tax-vs-tax-on-real-estate-gains/ In general, income tax applies to income, just as the real estate capital gains tax applies to capital gains from the sale of buildings, as the land either vacant or not or with erected constructions. An exception would be when a person has held the land as a commercial stock or when the land transaction […]]]>

In general, income tax applies to income, just as the real estate capital gains tax applies to capital gains from the sale of buildings, as the land either vacant or not or with erected constructions.

An exception would be when a person has held the land as a commercial stock or when the land transaction has elements of trade badges. Gains from the cession of such land would then be subject to income tax.

Let’s say that an individual has inherited a piece of land. He then entered into a joint venture agreement with a real estate developer to develop the land into residential properties. To pay for the cost of building the residential units, he sold part of the land to the developer.

Would the sale of this part of the land be subject to real estate gains tax or income tax?

Can it be said to have the trade badges (such as knowledge of the land trade, intention to trade, activities carried out and commercial value of the land) as a result of the joint venture agreement with the developer?

Businesses are generally incorporated to operate a business.

Presentation of the 2022 budget

Would that make businesses more inclined to have the trade badges compared to individuals?

However, some companies are formed to hold land properties as an investment.

Would there be trade badges if such an investment ground is developed after it has been held for, say, more than 10 years?

Shouldn’t that rather be treated as an investment achievement? Would it make a difference if the land was previously acquired from its holding company which is a real estate developer, instead of being acquired from a third party?

In delicate and ambiguous situations, the tax returns on real estate gains that have been previously filed by taxpayers and the tax clearances obtained are not taken into account by the tax authorities on the grounds that the gain should be subject to tax. income tax instead of real estate gains tax, allegedly due to the presence of trade badges.

The relevant question is, when did the trade badges appear in relation to developed land?

Could there have been a change of intent that the owner might not even be aware of?

The debate over whether income tax or real estate gains tax should apply to gains from the disposal of land has remained a contentious issue from time immemorial.

A myriad of appeals have gone from special income tax commissioners to the Court of Appeal for a ruling.

Judgments are not always unanimous. The final decision is a question of mixed law and fact.

Certainty of the law is crucial because legal principles are applied to the facts of each taxpayer’s case.

An examination of the facts of each case to establish the intention to acquire land is therefore of paramount importance.

In addition to establishing the initial intention at the time of purchase of the land, evidence must be adduced from the actual facts and the conduct of the taxpayer to corroborate this initial intention of the taxpayer.

There must also be a “legal intention”. This means that the intention is not a simple contemplation. There must be a reasonable possibility that the intention could be realized by the action of the taxpayer of his own volition.

In several decided tax cases, the courts have ruled that the taxpayer could not be considered to have an intention because the taxpayer’s ability to achieve his intention is subject to the approval of government authorities, which has not been obtained.

To have tax law certainty regarding land transactions, it would be helpful for tax authorities to issue rulings or guidelines to define quantitative tests and qualitative circumstances that would clarify the appropriate tax treatment.

For example, how long must the holding period be before the tax authorities accept and conclude that the land has been held as a long-term investment?

Under what circumstances would joint venture activities between a landowner and a developer be treated as the making of an investment or an adventure in the nature of commerce?

The managing director is empowered by law to ignore or modify a transaction when he has reason to believe that the transaction has the direct or indirect effect of modifying the incidence of tax, exempting any person from any liability, to avoid or avoid any obligation or liability, or to hinder or prevent the application of the law.

Without certainty in tax law, taxpayers who engage in tax planning that may appear legitimate in law are advised to be careful not to cross the Rubicon that would cause the CEO to invoke the anti-avoidance provision.

In conclusion, where the tax authorities disregard the real estate gains tax return, the 1976 Real Estate Gains Tax Act would be subordinate to the 1967 Income Tax Act.

This would make filing the real estate gains tax return unnecessary for property owners, and a waste of time and resources.

The certainty of the law would greatly assist taxpayers in filing the return under the right law and avoid the imposition of penalties.

As for landowners, the importance of keeping proper records cannot be overstated, as the onus is on the taxpayer to prove the intention to acquire the land.

Fo Wai Lan is a Fellow of the Malaysian Institute of Chartered Accountants (MICPA) and Executive Director of Mazars Taxation Services Sdn Bhd. The opinions expressed here are those of the author.


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Real estate and personal property https://talktalkchina.com/real-estate-and-personal-property/ Wed, 13 Oct 2021 05:58:07 +0000 https://talktalkchina.com/real-estate-and-personal-property/ When you buy a property, it usually includes the land and everything attached to it like buildings, trees, shrubs, etc. Most buyers are only interested in buying real estate, not the owner’s personal property. What happens when personal property becomes part of real estate? Is it in fact a “fixture” which will now pass the […]]]>

When you buy a property, it usually includes the land and everything attached to it like buildings, trees, shrubs, etc. Most buyers are only interested in buying real estate, not the owner’s personal property. What happens when personal property becomes part of real estate? Is it in fact a “fixture” which will now pass the property on to the buyer?

There are three tests that generally must be satisfied. Has personal property been permanently attached to the building? Is it intended to be part of real estate? What is the local custom? Light fixtures can include blinds, radiators, stoves, screens, storm windows, lighting fixtures, etc. Furniture, artwork, dishes, small appliances on the kitchen counter and linens, for example, are personal property. To avoid any misunderstanding at closing – and possibly at sale – it is important that the seller specifically states in the contract of sale what will go to the buyer as part of the property.

To learn more, contact Bill Cullin today.

Call or text Bill Cullin at 302-841-7147 today!

Bill Cullin, REAL ESTATE AGENT®

Your real estate source on Delaware beaches

E-mail: Bill.Cullin@LNF.com

Websites:
www.DelawareBeachRE.com
www.TheHenlopen.com

Direct: 302-841-7147
Office: 302-227-2541
Toll free: 1-800-462-3224, ext. 117
Fax: 302-227-8165

Long & Foster Real Estate, Inc.
37156 Rehoboth Avenue Ext, Suite 5
Rehoboth Beach, Delaware 19971


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