real estate and property tagged posts

Irish Authority Tacking Down Airbnb Incomes

September 19, 2018 Taxation in Ireland

airbnb in irelandDUBLIN – 12 000 taxpayers in Ireland are being asked if they have paid all taxes owing on their Airbnb incomes.

The Revenue Commissioners of Ireland is sending out letters to thousands of homeowners in the country who are using Airbnb to rent out their properties.

As many as 12 000 taxpayers across the country will soon receive letters reminding them that if they rented out their properties on the popular short-term letting site they may be liable to pay taxes on any of their derived incomes.

Any incomes made from Airbnb must be declared, or the taxpayer will be liable to pay fines and penalties on top of the owing interest.

The letters are being sent based on information obtained from Airbnb regarding rentals over the course of 2014, 2015, and 2016.

Neither the Revenue Commissioners ...

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Wealthiest Hong Kong Investors Skip Property Tax

August 17, 2018 Taxation in Hong Kong

Hong Kong housingHONG KONG – Shell companies are helping Hong Kong’s wealthiest people pay less to purchase houses and property.

Hong Kong has some of the most expensive property and housing in the world, and recent media reports are indicating that some wealthy investors and buyers are managing to bypass the taxes aimed at reducing house prices.

Under the standard rules applicable for most locals, property purchases carry with them a stamp duty of 15 per cent, or an even higher 30 per cent duty of the purchaser is not a local.

However, some wealthy locals have been reducing the applicable rate of stamp duty to as low as 0.2 per cent.

The reduced rate applies if the property in question is held in a company, and the buyer purchases the company and not the underlying asset.

Share sales are eligible for ...

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Tax Could Cut Housing Cost in NZ

June 19, 2018 Taxation in New Zealand

property taxWELLINGTON – Taxes could result in significant decreases to New Zealand’s cost of houses, however, it would be accompanied by increases to the cost of renting.

New Zealand’s Westpac bank released the results of new modelling on June 19th, showing the potential impact that several property taxes will have on the cost of housing in the country.

The modelling was provided to the Tax Working Group, a government established working group tasked with examining the feasibility of a wide set of tax reforms for New Zealand.

Housing is a hot topic in New Zealand, as the cost of renting or purchasing housing has grown significantly over the last several years, seriously harming housing affordability across the country.

The bank’s researchers examined the potential impact of a capital gains tax ...

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Uzbekistan Says Grow Vegetables or Pay More Tax

March 28, 2018 Taxation in Uzbekistan

Chickens in UzbekistanTASHKENT – Taxpayers in Uzbekistan need to start raising chickens and growing vegetables if they do not want to see their taxes rise.

Last week the local media of Uzbekistan reported that the government has called for a hike to taxes for any landowners who do not use their land efficiently.

The new tax is not aimed at property developers or large-scale developers, but individuals and personal landholders.

The government is attempting to encourage landowners to plant gardens, grow their own vegetables, or raise animals.

The use of land will be evaluated by twice-yearly inspections, which will be conducted by police, tax inspectors, or local persecutors.

Taxpayers found to not be making efficient use of their land will see their property tax obligations tripled.

The call for the taxes o...

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Property Taxes Variation in the USA

March 1, 2018 Taxation in USA

property taxes in the USAWASHINGTON D.C. – Property taxes vary widely between each state in the USA, with a difference of almost USD 7 000 between the most expensive and cheapest state.

New information released in a report by WalletHub has ranked the property tax burdens faced by taxpayers across each state In the USA.

Based on the conclusions of the research the state with the cheapest effective real-estate tax rate in the country was Hawaii, followed by Alabama, and Louisiana, which had tax rates of 0.27 percent, 0.43 percent, and 0.51 percent respectively.

The highest rates were found in New Jersey, Illinois, and New Hampshire, with a rate of 2.40 percent, 2.32 percent, and 2.19 percent.

The rates were calculated based on the taxes which would be charged on a home with a value equal to USD 184 700, the median ...

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