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A real estate company enquired whether it could deduct VAT on the purchase of developable land after waiving the exemption, given uncertainty regarding whether future sales would be taxable or exempt. The DGT ruled that, as these are held as stock rather than investment goods, the regularisation through the final pro rata for the financial year must be applied.
Question posed: Possibility of deducting the proportional part of the Value Added Tax amounts paid upon the acquisition of the properties, given that it is unknown whether the future delivery of the plots remaining as unsold inventory will be subject to tax or exempt.
As these properties are considered inventory, the rules for the regularization of investment goods (Articles 107 to 110 LIVA) do not apply. Instead, the percentage of deduction corresponding to the final pro rata of the year of purchase must be applied to the amounts paid upon acquisition, pursuant to Article 105 of Law 37/1992.
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