Andreu Mas-Colell, the counselor for the economy in Catalonia announced yesterday that the ITP (Capital Transfer) Tax on the purchase of resale property in Catalonia will rise from 8% to 10%.
The measure will come into force on the 1st of August of this year (2013) and is aimed at increasing the revenues from this tax by 150 million euros annually.
One of the ways that Mas-Colell justified the rise was that the tax was below the level of VAT (10%) and of the rates of similar taxes in other regions in Spain.
There are some important concessions, the lower rate of between 5-7% will be maintained for large families (couples with three children), buyers under 32 years of age, the disabled and purchases of listed property (Vivienda de Protección Oficial).
Mas-Colell has assured taxpayers that there will be no further tax changes until the next budget.
Wednesday 19 June 2013
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