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A company has requested guidance on how to rectify VAT and claim a refund of ITP and IIVTNU following the termination of a land exchange contract for future construction. The DGT outlines the procedures depending on the cause of termination (judicial ruling, resolutory condition, or mutual agreement).
Question raised: Procedure to effect the rectification of Value Added Tax amounts, as well as the procedure to request the refund, if applicable, of the other taxes settled in the transaction, namely, the Transfer Tax and Stamp Duty (ITP and AJD) and the Tax on the Increase in Value of Urban Land (IIVTNU).
Regarding VAT, the resolution does not constitute a new supply, but rather a rectification of the taxable base through a credit note and regularization in the tax return. Regarding Transfer Tax (ITP), a refund is applicable if there is a judicial resolution or fulfillment of a resolutory condition without lucrative effects, but not if it is by mutual agreement. Regarding the Tax on the Increase in Value of Urban Land (IIVTNU), the restitution of the land does not constitute a new taxable event if it is due to a judicial resolution or a resolutory condition, but it does if it is by mutual agreement.
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