COLOMBIA ISRAEL MEXICO PORTUGAL

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1 TAXATION OF REAL PROPERTY INDEX ARGENTINA AUSTRIA CHILE GERMANY (DE) COLOMBIA ISRAEL MEXICO PORTUGAL Updated information NOVEMBER 2012 UNITED KINGDOM URUGUAY SPAIN CYPRUS The content of this newsletter has been written or gathered by ANTEA and its representatives, for informational purposes only. It is not intended to be and is not considered to be legal advice, nor as a proposal for any type of legal transaction. Legal advice of any nature should be sought from legal counsel. For further advice please contact local office. Argentina AR tax resident Individuals Up to 35% n-ar tax resident individuals 21,00% (1) AR tax resident company 35% n-ar tax resident company 21,00% (1) n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets AR tax resident individuals 1,50% n-ar tax resident individuals 1,50% AR tax resident company 35% n-ar tax resident company 17,50% (1) Stamp Duty Land Tax - All Up to 3,60% (1) There are signed agreements to avoid double taxation with certain countries that provide lower rates for this operation Generality New Properties Rental For Housing Other destinations For Housing Rural property Other locations (offices, shops, warehouses) exempt 10,50% exempt exempt 1

2 Austria Austrian tax resident Individuals Up to 50% n-austrian tax resident individuals Up to 50% Austrian tax resident company 25% n-austrian tax resident company 25% n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets Austrian tax resident individuals 25% n-austrian tax resident individuals 25% Austrian tax resident company 25% n-austrian tax resident company 25% Land Tax Land tax is levied by the municipality for all domestic immovable property, based on the assessed tax value of the property. The annual tax rate is up to 0,2 %, however the collection rate is different in each municipality; this means that tax value is multiplied (e.g. for Vienna or Linz) by 500 % (i.e. effective tax rate 1 %). Real Estate Transfer tax Purchase or any other legal transaction that leads to acquisition of immovable property is subject to a real estate transfer tax of 3,5 % of the purchase price. In case that there is no purchase price (e.g. gratuitous acquisition, inheritance), a fictitious value ( assessed tax value ) forms the basis for the transfer tax. Furthermore, a fee of 1,1 % is levied based upon the same value for entry of the change of ownership in the land register. Both (transfer tax and entry fee) usually have to be borne by the purchaser. n-residential property Rent and lease of residential property Disposals of property Rent and lease of immovable property for other than residential purposes Disposal of non-residantial property 10% (mandatory) reduced rate exempt* exempt* exempt* * although the seller has the option to tax and levy ** In principle, the lessor has the option to tax and levy 20 %. However, as from 1 September 2012, the option to tax is limited to cases where the recipient of the service (i.e. hirer) uses the rented property solely for purposes entitling to full deduction of input. Chile Either individual or legal entity who works in real Properties Rental Income Chilean Tax resident individuals Up to 40% Chilean tax resident Company Partners or shareholder that withdraw those incomes from company discounting to rate paid by Up to 40% company. n-chilean tax resident Company 35% In case of basic housing defined in DFL 2 they are free of tax, efective income perceived by them. Residential Propery - when they are destined to owner s use, are exempt of income tax When it pay income tax, can be used as credit, land tax paid 2

3 Chilean - tax resident individuals, when sale was a year after purchase. Exempt Chilean - tax resident company with Compañias residentes, with chilean tax complete accounting. Partners or Shareholder that withdraw those incomes from company discounting to rate paid by company. Up to 40% Chilean-Tax resident company without accounting Exempt Without accounting for being under exception rule, presumptive taxation Land Tax - All Residencial Property Up to 2% n-residential Property Up to 2% Only first grant from saler is subject to taxation, if he has built whole or part of property. 19% Second grant is subject to taxation if it is done before a year of purchasing property. 19% n- residents Generally, non-residents must subject to the same Taxation rule, with the same exceptions than residents. When they are subject to taxation, rate is 35% Germany (DE) DE tax resident Individuals up to 45% n-de tax resident individuals up to 45% DE tax resident corporations 30% (corporation tax 15% trade tax approx 15%) n-de tax resident corporations 15% (corporation tax 15%). n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets DE tax resident individuals n-de tax resident individuals up to 45% (for private property: if sale within 10 years, sale of own residential house is tax-exempt) up to 45% (for private property: if sale within 10 years) DE tax resident corporation 30% n-de tax resident corporation 15% Property transfer tax (n-) Disposal of a building, which is owned less than 10 years. up to 5% (n-) exempt * However if the building s inventory is machines or some special kind of equiptment then the inventory should be with. 3

4 Colombia Colombian tax resident Individuals Table between 19 and 33% progressive n-colombian tax resident individuals According to the concept of earned income, Table* applies, up to 33% Colombian tax resident company 33% income tax n-colombian tax resident company According to the concept of earned income, Table* applies, up to 33% n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets Colombian tax resident individuals Occasional Income n-colombian tax resident individuals Occasional Income - Case or type of linkage Colombian tax resident company Occasional Income n-colombia tax resident company Occasional Income - Case or type of linkage Stamp Duty Land Tax - All n- residential property Land tax, is regulated by each municipality or district Land tax, is regulated by each municipality or district sales tax generated n- residential property Real Estate Rental rate: 16% depending of the type of taxpayer Chattels Rental rate: 5%, depending on the type of taxpayer, for any kind of asset of commercial use. *The table, are the ranges established (for the revision of taxes) by the national customs, to calcule and determine the taxes to be paid by natural persons 4

5 Israel Taxation and Reliefs For Real Property Investors * % * Israeli tax resident Individuals Progressive tax levels up to 48% n-israeli tax resident individuals Progressive tax levels up to 48% Israeli tax resident company 25% n-israeli tax resident company 25% Allowances and reliefs aganst rental income * For Commercial/Business purposes: n-residential property - Maintenance expenses and Depreciation expenses are tax-deductible Residential property - Maintenance expenses and Depreciation expenses are tax-deductible Interest and indexation paid on loan to purchase property are tax-deductible For private purposes (non-commercial) by Individuals, Three alternative options for n-residential property: (1) Maintenance expenses and Depreciation expenses are tax-deductible (2) Exemption up to a maximum monthly income of NIS 4,790 with no tax-deductible expenses (3) One tax rate of 10% without tax-deducting other expenses excluding depreciation ** Israeli tax resident individuals ** Progressive tax levels up to 25% n-israeli tax resident individuals ** Progressive tax levels up to 25% Israeli tax resident company ** 25% n-israeli tax resident company ** 25% Special exemption for individuals, for eligible / entitles residential apartment (Special exemption for n- Zero-rated Israeli tax resident and Israeli tax resident) Stamp Duty Land Tax - All n- residential property Real Estate Purchase Tax For private purposes (non-commercial) by Individuals,, only for the first apartment Progressive tax levels up to 5%, the second apartment and up Progressive tax levels up to 7% For Commercial/Business purposes for individuals and companys 5% For Commercial/Business purposes 17% For private purposes (non-commercial) by Individuals Zero-rated * There may be tax relief in accordance with double taxation treaties ** For real profit generated from 2012 only, Profits created before the year 2012 will be charged with tax at various rates and calculations based on changes in the law in recent years 5

6 Mexico Income Tax Mx tax resident Individuals n-mx tax resident individuals Mx tax resident company n-mx tax resident company te: Mexico has signed international treaties to avoid double taxation with various countries n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets Until 30% for 2012, 29% for 2013 and 28% for % without deductions, but until 28% with deductions if there are representative in Mexico Until 30% for 2012, 29% for 2013 and 28% for % without deductions, but until 28% with deductions if there are representative in Mexico Land, all cases exempt exempt Any Building o Construction/ n-residential property 16% Any Building o Construction/ n-residential property in border 16% Acquisition Real Property Tax It is a Local Tax Real Estate Tax It is a Local Tax From 1.25% to 4.5%, depending the Local State From 0.1% to 1.8% annual, depending the Local State 6

7 Portugal PT Tax resident Individuals 28% 2013 n-pt tax resident individuals 25% PT tax resident company 25% n-pt tax resident company 15% n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets PT tax resident individuals rate dependent on other income n-pt tax resident individuals 25% PT tax resident company 25% n-pt tax resident company 25% Stamp Duty Land Tax - All t aplicable n- residential property t aplicable Acquisition If not subject or exempt from 0,8% Property Tax Rural property 0,8% Urban property 0,3% to 0,8% Due by the property owner, the usufructuary, or the holder of the surface right with reference to 31 December of each year. Tax registered value is determined by means of evaluation pregressively updated by Tax Authoroty, based on the type of property. Property Transfer Tax steps 0% to 8% Rural property 5% Other urban properties and other acquisitions aplicable up to 6,5% Main exceptions: Acquisition for resale by Real Estate companies Mergers and demergers Acquisition and letting are -exempt. These exemptions can be waived under certain conditions, allowing the recovery of the input. Stamp duty is not levied when is charged. exempt 23% Continent 16% Azores 22% Madeira 7

8 United Kingdom UK tax resident Individuals up to 50% n-uk tax resident individuals up to 50% UK tax resident company up to 24% n-uk tax resident company n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets UK tax resident individuals up to 28% n-uk tax resident individuals Exempt UK tax resident company up to 24% n-uk tax resident company Exempt Stamp Duty Land Tax - All up to 7% n- residential property up to 4% From 21 March 2012 a 15% rate applies to certain non-natural persons acquiring a residential property where consideration exceeds 2,000,000 First grant of either the freehold of the building or a lease of more than 21 years Any other disposals or lettings n- residential property Disposal of the freehold of a building or structure less than 3 years old Letting for the purposes of storage Letting for any other purpose, and disposal of the freehold if more than 3 years old (but see the exceptions below) Exceptions: - new and incomplete non-residential buildings - gaming and fishing rights - hotel and similar accommodation - caravan and tent pitches and camping facilities - facilities for parking a vehicle - timber rights - storage or mooring of boats and aircraft - boxes or seats at sports or entertainment venues - sports facilities (except when let for >24 hours or a series of 10 or more periods) - options to purchase interests/rights in any of the above - hairdressing facilities *although the grantor has the option to tax and levy provided they formally notify HM Revenue & Customs Zero-rated exempt exempt* 8

9 Uruguay Uruguay tax resident Individuals up to 12% n-uruguay tax resident individuals up to 12% Uruguay tax resident company up to 25% n-uruguay tax resident company (if it s not a permanent establishment) up to 12% Permanent establishment of n-uruguay resident up to 25% Allowances and reliefs against rental income - For Uruguayan and n-uruguayan individual resident Tax allowances in lieu of depreciation on fixtures and other qualifying assets Relief for fixtures and other qualifying assets on a renewals basis Property tax Allowances and reliefs against rental income - For Uruguayan resident company Depreciation on fixtures and other qualifying assets Relief for fixtures and other qualifying assets on a renewals basis Property tax Uruguay tax resident Individuals up to 12% n-uruguay tax resident individuals up to 12% Uruguay tax resident company up to 25% n-uruguay tax resident company (if it s not a permanent establishment) up to 12% Permanent establishment of n-uruguay resident up to 25% Stamp Duty Land Tax Uruguay tax resident Individuals up to 12% n-uruguay tax resident individuals up to 12% Uruguay tax resident company up to 25% n-uruguay tax resident company (if it s not a permanent establishment) up to 12% Permanent establishment of n-uruguay resident up to 25% - All First sale of the property (it has to be a new property and be sold by a company) 10% Any other disposals or lettings exempt 9

10 Spain Spain tax resident Individuals up to 56%* n-spain tax resident individuals 24,75%** Individuals Wealth Tax n-residential property -Tax allowances in lieu of depreciation on fixtures and other qualifying assets Spain tax resident individuals up to 27% 1) n-sp tax resident individuals SP tax resident company up to 20-30% n-sp tax resident company Transfer Tax - Stamp Duty Land Tax - All (Transfer Tax) up to 8%* n- residential property not subjected n- residential property First grant of the building First grant of the residence Subsequent disposals Rental for residence purposes Other rentals (hotel services provided) Disposal of a building or structure Letting for the purposes of storage Letting for any other purpose, and disposal 10% Exempt 2) Exempt *depending on the Autonomous Community of the residence ** 1,1% or 2% over the cadastral value 1) From 2013 only applicable to gains generated in more than one year (otherwise could be up 56%) 2) Possibility of resign to the exemption under some requirements 10

11 Cyprus CY tax resident Individuals Special Defence Contribution (SDC) 3% on the 75% of the gross rental income + personal income tax (the rates various according to the individual s annual income). n-cy tax resident individuals n residents are not subject to SDC. Personal income tax apply. CY tax resident company Special Defence Contribution (SDC) 3% on the 75% of the gross rental income + 10% corporate income tax-included in the companies annual income. n-cy tax resident company 10% Included in the annual income of the company and taxed with corporate income tax rate. Allowances and reliefs against rental income - All n-residential property -Capital allowances for capital expenditure Residential property - Annual wear and tear allowances for fixtures and other qualifying assets CY tax resident individuals n-cy tax resident individuals CY tax resident company n-cy tax resident company only if the property situated in Cyprus only if the property situated in Cyprus only if the property situated in Cyprus only if the property situated in Cyprus Stamp Duty Land Tax - All* n- residential property *The Buyer is responsible for paying such stamp duty. Payable only in respect of assests situated in Cyprus. Stamp duty is payable at the purchase price stated in the contract at 0.15% for the first EURO and at 0.2% thereafter. Stamp duty is payable at the purchase price stated in the contract at 0.15% for the first EURO and at 0.2% thereafter. ** 17% n-residential property 17% **Subject to conditions 5% applies for the purchase of first residential property. Real Estate Transfer Tax: from 3% to 8% Real Estate Transfer Tax fees are obligatory so as to transfer the freehold ownership into the name of the buyer. The Buyer is liable. 11

12 ANDORRA ANGOLA ARGENTINE AUSTRIA BELGIUM BRAZIL BULGARIA COLOMBIA COSTA RICA CYPRUS CHILE CHINA ECUADOR EL SALVADOR FRANCE GERMANY GREECE GUATEMALA HONDURAS INDIA ISRAEL ITALY LUXEMBOURG MALTA MEXICO NETHERLANDS PAKISTAN PANAMA PERU POLAND PORTUGAL REPUBLICA DOMINICANA ROMANIA SERBIA SPAIN SWITZERLAND TURKEY UNITED KINGDOM URUGUAY USA VENEZUELA