New Regulation For The Purchase Or Sale Of Real Estate
With the object of having greater control and reducing tax
evasion in the purchase and sale of real estate in Argentina, the
tax authorities (AFIP) have created a register of real estate
operations which exceed RA $300,000 (approx. USD $84,000).
Real estate operations carried out after 1 March 2008 require
the intervening notary public and real estate brokers to act as
information agents. The latter must make public the properties it
has on sale, its asking value, the final price of the operations,
as well as the identity of the seller and purchaser.
In this way the AFIP is seeking to control the sub valuation of
real estate operations which reduces the asset tax which property
owners must pay, as percentage of the assets declared and valued at
the purchase price or declared land tax, whichever is higher.
Therefore, those persons or Companies that wish to put a
property on the market for sale and its value exceeds RA $300,000
must obtain the ¨Real Estate Transaction Offer (COTI), which
must be shown to the real estate broker and the notary public, the
latter, once the sale has been agreed upon.
The COTI represents a central control tool for the AFIP as the
sale operation cannot be registered in the respective property
registry.
The notary public who necessarily intervenes in documenting the
sale operation needs to verify its authenticity and validity of the
COTI.
With this addition to the current regulations of the AFIP, those
wishing to enter to...
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