Post by asadul1717 on Feb 11, 2024 8:37:31 GMT 1
In recent days, the rule that approves the new regional bonuses for the Inheritance and Donation Tax has been published in the DOGV, which we will explain below how it looks:
1) SUCCESSIONS AND DONATIONS
Reductions due to kinship in the tax base of €100,000 are maintained in transfers in favor of the spouse and ascendants and descendants up to the second degree (parents, grandparents, children and grandchildren).
Transmissions are required to be Bahrain Email List documented in a public deed, which must justify the origin of the means of payment if it were money.
In the case of donations, the sum of all donations made by the same donor to the same donee in the last five years will be taken into account for the reduction.
SUCCESSIONS
In addition to the reductions due to kinship, the bonus on the fee payable is increased from 75% - 50% to 99% in inheritances in favor of these same relatives up to the second degree.
DONATIONS
Likewise, in addition to the reductions due to kinship, a new bonus is established in the 99% quota in donations also in favor of the spouse and ascendants and descendants up to the second degree.
2) SUCCESSIONS AND DONATIONS FOR DISABLED PEOPLE
Whatever the degree of relationship with the deceased or donor, both in Inheritances and Donations, in transfers in favor of people with a physical or sensory disability equal to or greater than 65%, or a mental disability equal to or greater than 33%, the The reduction in the tax base will be €240,000 and the tax bonus will be 99%.
In the event that the disability was physical or sensory equal to or greater than 33% in favor of relatives up to the second degree, there would only be a reduction in the tax base of €120,000.
It is very important to keep in mind that to apply the reduction in the tax base, the sum of all donations made to the donee in the last five years will be taken into account.
This rule came into force on November 24, 2023, with retroactive effects to May 28, 2023 (deaths and donations after this date). Taxpayers who are within the retroactivity period could request a refund of the amounts paid improperly.
1) SUCCESSIONS AND DONATIONS
Reductions due to kinship in the tax base of €100,000 are maintained in transfers in favor of the spouse and ascendants and descendants up to the second degree (parents, grandparents, children and grandchildren).
Transmissions are required to be Bahrain Email List documented in a public deed, which must justify the origin of the means of payment if it were money.
In the case of donations, the sum of all donations made by the same donor to the same donee in the last five years will be taken into account for the reduction.
SUCCESSIONS
In addition to the reductions due to kinship, the bonus on the fee payable is increased from 75% - 50% to 99% in inheritances in favor of these same relatives up to the second degree.
DONATIONS
Likewise, in addition to the reductions due to kinship, a new bonus is established in the 99% quota in donations also in favor of the spouse and ascendants and descendants up to the second degree.
2) SUCCESSIONS AND DONATIONS FOR DISABLED PEOPLE
Whatever the degree of relationship with the deceased or donor, both in Inheritances and Donations, in transfers in favor of people with a physical or sensory disability equal to or greater than 65%, or a mental disability equal to or greater than 33%, the The reduction in the tax base will be €240,000 and the tax bonus will be 99%.
In the event that the disability was physical or sensory equal to or greater than 33% in favor of relatives up to the second degree, there would only be a reduction in the tax base of €120,000.
It is very important to keep in mind that to apply the reduction in the tax base, the sum of all donations made to the donee in the last five years will be taken into account.
This rule came into force on November 24, 2023, with retroactive effects to May 28, 2023 (deaths and donations after this date). Taxpayers who are within the retroactivity period could request a refund of the amounts paid improperly.