Property transfer tax (ITP)
Tax ceded to Autonomous Communities levying onerous inter vivos transfers of assets and rights, corporate operations and documented legal acts (AJD). Second-hand property purchases are taxed under TPO (regional rate, 6-10%). Mortgages are taxed under AJD. Incompatible with VAT in the same transaction.
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Other Tax law terms
Mandatory electronic invoicing system from AEAT requiring invoicing software to guarantee integrity, preservation, traceability and unalterability of billing records.
AEAT procedure to verify compliance with tax obligations. The taxpayer has the right to legal counsel, copies of proceedings and a maximum 18-month timeframe.
Quantity resulting from measuring the taxable event, to which the tax rate is applied to determine the tax liability. Example: in personal income tax, it is the sum of net income minus reductions.
Legal assumption whose occurrence gives rise to the tax obligation. Example: in VAT, delivery of goods or provision of services; in property transfer tax, transfer of real estate.
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