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Shkruar nga Pamfleti
The construction sector and real estate activity has been growing in 2023, but income from Personal Income Tax (PIT) on real estate transactions has decreased in 2023.
Official data from the Tax Administration show that, in 2023, income from TAP on real estate reached 5.4 billion ALL from over 7 billion ALL in 2022 with a 23% decrease.
Data on GDP show that in the 9th month of 2023, real estate activities increased by 11.6%. Other market data shows that housing prices have increased. In contrast, revenue from TAP on real estate sales declined last year.
Taxes bring attention to the fact that investors in the construction business, who are registered with the tax authorities as legal entities (companies) with the purpose of building and selling real estate, are not subject to "tax" on personal income from the transfer of of the right of ownership over real estate. They are subject to payment only of the local "tax" on the transfer of ownership rights for real estate.
Investors in the construction business, who are registered with the tax authorities as subjects with the status of "commercial natural person", are subject to the "tax" on personal income from the transfer of ownership rights over real estate. They are also subject to payment of the "local tax" on the transfer of ownership rights for real estate;
Regarding the sale value of the real estate, it is determined in the notarial contract of sale, which is signed by the parties (the seller and the buyer).
When the ownership of real estate is transferred for the second time and thereafter, for the purpose of calculating the realized capital gain, only the difference between the last sale value and the purchase value determined in the previous contract of this property is calculated.
At the moment of the sale and purchase of a real estate, the Tax on the transfer of the right to real estate and the tax on personal income from the transfer of the right to real estate are applied.
The agent of the tax and the tax on the right of transfer of ownership is the real estate registration office, which passes the collected income in favor of the local government and the tax administration within the deadlines set by law./ Monitor
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