- Realtors are concerned about property deals being jeopardized by the Department of Inland Revenue challenging sales prices for VAT calculation
- The real estate industry is facing increased costs, uncertainty, and delays in closing sales
- The Department of Inland Revenue only queries sales prices if they are more than 15% lower or higher than the property valuation for tax purposes
- Realtors are urged to provide legitimate evidence to challenge the Department’s valuations
- Meetings have been held between real estate representatives and Department of Inland Revenue officials to address concerns
- Tax authorities are increasingly taking the position that buyers should pay VAT based on the higher of two valuations, putting deals at risk
Source: tribune242.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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