PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Rome revokes property valuation reform aimed at systemic tax evasion
The Italian government in early January revoked a reform of fiscal legislation governing commercial property in which the main element is to return to the former method of basing property taxes on the `catastale' valuation, taken from the land registry record, rather than market value. The castastale value generally lags current market values and in the recent past has generally been 15% to 20% below these. Property owners across the nation may be breathing a sigh of relief, but the measure also reinforces a system that has institutionalised systemic tax evasion.