In the context of a real estate fund, it is possible to legitimately exercise the option for the separate application of VAT, in relation to the development and redevelopment of own properties, with respect to other real estate sale and leasing activities, on the assumption that the activities present elements of uniformity and homogeneity in their essential characteristics such that they can be considered distinct and autonomous. This was clarified by the Inland Revenue with the response to ruling no. 123 of March 17, 2022 with which it provided clarifications on the subject of separate application of VAT and separation of activities in the context of a real estate fund.
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