vat is this correct

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/11/2008 20:30

JUST HAD THIS INFO FROM OUR DEVELPOPER IS THIS CORRECT



Under the Ministry of Finance rules on late payment of VAT, there will be a 4% increase in the first month and 3% for each month thereafter accumulative on the amount outstanding.

bachelibelly


Joined: 04/09/2008
Posts: 275

Message Posted:
26/11/2008 20:35

Under rule 6295,subsection 4321 ,paragraph 3, if a Developer/Builder sells 3 or less properties in one year then no VAT to pay,allegedly, read it on HPG Site i think.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/11/2008 20:39

cheers bachelibelly .

But this is what we have been told by a developer we have been asked to pay VAT although we do not have deeds in sight , with the possible penalties .has anyone else heard of this ?

Notsoboredhw


Joined: 15/03/2007
Posts: 1254

Message Posted:
26/11/2008 20:47

Hi Pipie - we had the same on our development. Were told late payment would incrue 1% interest charged by the developer. I think most people have paid their KDV but some havent because they said they werent paying without the deeds to hand.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/11/2008 20:53

Cheers Nicky

well i would argue that developer has not the right to charge interest ?

but this apparantly has just come into force on the say so of our developer , just needed to confirm so to speak .

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
26/11/2008 21:01

PIPIE read the second paragrath - http://www.hbpg-trnc.net/documents/KDV_0708.html



Cooper

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/11/2008 21:32

Cheers Nicky

well i would argue that developer has not the right to charge interest ?

but this apparantly has just come into force on the say so of our developer , just needed to confirm so to speak .

Lazy days


Joined: 24/07/2008
Posts: 847

Message Posted:
26/11/2008 21:35

Hello pipie and bhw,

with the greatest of all respect as is stated before if your developer is - as we would suspect - someone who sells or deals in the sale of more than 3 properties per annum, then they can charge KDV, and will probably, however I would make sure you do everything through a reasonably reputable Advocate, it is the same with everything here many contracts have been written and many things have been agreed upon by unsuspecting people, with no recourse to law, as the builders seem to be the law and it will be a long time till that changes so you may well be hitting your head off a brick wall so to speak.

BHW

who asked you for the 1% extra - was it the developer or someone else ??

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/11/2008 21:36

Cheers Cooper that was what i thouUgt was the latest update re HPG .

Probaby better to wait to see if HPG update in the next few days , must add we do have a reputable developer , so i have a feeling it may be right .

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/11/2008 21:47

Thanks lazy days .

But this (re messege 1) has apparantly come offically from ministry of finance . It was BHW that said it was her developer that wanted to charge 1% interest .

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
26/11/2008 23:28

Hi Pipie,



It is interesting that you have an official letter from the ministry of finance for your KDV. We bought our property in June2006 and paid KDV when we got our keys, we don't have title deeds and we know we won't get them soon as there is a mortgage on the land and property. We also know, that our KDV money has not been paid to the Ministry of finance. So our developer has had all this money for over two years gaining interest for him. It is good news if the ministry of finance is now catching up on developers who haven't paid this tax.



The Butlers wife

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/11/2008 23:52

The butler .

No this is what the developer has written to owners , this has not officially come fro m the ministry of finance . It has come via E-mail form the developer , so nothing official so to speak . Hence my question does anyone know is this official ? is this a new law ?as i thought there was no late penalities for paying VAT by the way we received keys May 07

stevemac


Joined: 21/07/2008
Posts: 99

Message Posted:
27/11/2008 08:27

The tax office have no way of knowing when you take possession of your property and they have told the HBPG that they do NOT ask for late penalty payments because they don't know when it is due. Therefore it's your developer asking for the extra late penalty payments NOT the tax office. If you've taken possession, don't pay it until you get your deeds!

sunnyday


Joined: 14/03/2008
Posts: 269

Message Posted:
27/11/2008 10:10

tax office went round all the developments in Tatlisu some months back. They were asking if people owned or were renting their properties. You can bet that they now have notes, as to which ones looked occupied.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
27/11/2008 11:32

Thanks stevemac re messege 13



Re messege 14 sunnyday , this is probably down to checking f owners renting out there apartments have paid rental tax , this govenment being on its knees needs all the coffers it can collect .