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First guide in Spain that compiles the explanatory consultations carried out on the REIT law

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Javier Vinuesa analyses the consultations made to the Directorate General of Taxes (DGT) on the REIT law

ASOCIMI, an association made up exclusively of Listed Real Estate Investment Companies (REITs), has prepared the first guide in Spain that compiles the queries made to the Directorate General of Taxes (DGT) on the REIT law.

The event, with the participation of more than 35 REITs and numerous professionals of the sector, has been inaugurated by Javier Basagoiti, president of ASOCIMI, an Association created to visualize the role that REITs play in the real estate market. In the words of Basagoiti, "with this guide we intend to respond to those problems that REITs face in our daily lives".

For his part, Eduard Mercader, head of ASOCIMI's Legal and Tax Commission, has pointed out that "the current REITs Law is a well-structured law, but very brief, which has its advantages and disadvantages". As he explained, "among the disadvantages, we find that some aspects of it are not precisely defined, so they have had to be resolved via consultations with the DGT". Given that the volume of consultations carried out to date has been numerous, Mercader has highlighted the relevance of the guide as "a way of structuring such consultations in such a way that, when specific articles of the law are consulted, all the explanatory consultations that have been carried out on said articles are at hand". In this sense, in his opinion, "this guide may act as a code of good practice of the law".

Javier Vinuesa, Partner of Andersen Tax & Legal, participated in the conference and referred to the treatment of sales of assets held prior to joining the REIT regime, indicating that their taxation is well resolved by the rule, giving many options to the entity to optimize it. In general terms, he stated that when valuing the properties of a company that is going to opt for the REIT regime, it is recommended to work with valuations that are as prudent as possible.

You can read the complete report in INMODIARIO

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