The General Council of Economists of Spain and the Associations of Economists and Commercial Graduates of Valencia ask that urgent fiscal measures be activated to alleviate the effects of Dana in the Valencian Community and in other affected areas. The Economists’ proposal wants to motivate the recovery of businesses, homes or cover personal injuries.
Both institutions consider it necessary that, among the emergency measures to be applied for personal and material damage caused by DANA, a series of fiscal considerations be included. in line with those approved in its day by the volcano on the Island of La Palma or the Lorca earthquake.
Among the economists’ proposals include exemption from public aid received to compensate for personal injuries, in homes or in commercial and service establishments, deductions for rehabilitation or repair of damaged habitual homes, reduction of personal income tax modules and the special regime. simplified VAT for affected farms and agricultural activities, as well as application of the 60% deduction provided for in the regulation for residents of Ceuta and Melilla.
Regarding corporate tax, deductions are requested for affected companies, especially in expenses related to the repair or replacement of damaged goods, tax incentives to promote investment in the reconstruction of business infrastructure, as well as considering priority activity of patronage, for the purposes of the deductions of law 49/2002, the recovery of Cultural heritage
The economists also request a 50% bonus on the full tax rate for damaged properties, as long as no repairs are made and they remain unfit for use, as well as an exemption from the IBI fee for damaged properties, when it is proven that the goods and people located therein have had to be relocated, or the destruction or losses to the crops constitute uncovered losses.
Recover business
Regarding the Tax on Economic Activities (IAE), they request a reduction for the business activities affected, especially in the most impacted areas, in order to facilitate the recovery of local businesses.
The reduction will be proportional to the time elapsed from the day on which the cessation of the activity occurred until its resumption under normal conditions, without prejudice to considering, when the severity of the damage caused gives rise to it, the case of cessation in the exercise of that.
They also request an exemption or bonus on the tax applicable to repair, rehabilitation and reconstruction works on damaged properties, both in homes and business facilities.
Regarding the Tax on Property Transfers and Documented Legal Acts (ITPYAJD), the associations of economists in Spain claim the Exemption in the Tax on Property Transfers and Documented Legal Acts of the deeds of formalization of the Moratoriums on loans and mortgage credits or without mortgage guarantee that occur in application of the suspension of interest payment obligations.
Finally, the economists request the exemption of the Central Traffic Headquarters fees required for the processing of cancellations of vehicles damaged or lost due to the consequences produced by the volcano, as long as mandatory automobile insurance is available.
The General Council of Economists of Spain recommends that the affected Communities regulate a rate of 0% in the Tax on Onerous Property Transfers for used vehicles (and the State a rate of 0% in VAT for new cars) in order to to facilitate the purchase of vehicles for those who have lost theirs due to floods.
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