Tax Implications of owning property

[Jesus of nazareth]

2000m sales hotel land l in Al Hoceima morocco where developing the turist paln al hoceima vision 2015 after Saidia vision2010 with a budget of 740 million euros.we have a hotelland on the front of the beach in the heart of the city to build a 3 star hotel with restaurant, pool bar terrace .......... The plan is already done and we have also licencel.
looking for a partner to join us good opportunity for more information about the business pm me.we have also another big opportunity in the norh of morocco like asilah tetouan cabo negro tangier.........we are serious agency. form more informacion this my email [email protected]

Wahhahahahaha

I wish I had a yahoo account

 

[markwillenbrock]

In cases where there is likely to be some doubt, or where you want to make doubly sure there isn't a mistake, your notaire (or adul) should recommend you engage an accountant to liase with the tax authorities.

If you have built or renovated a house yourself, you must have all of the bills incurred. This doesn't mean scruffy bits of paper - you need a letterhead, a tax reference, a TVA number etc. Most individual Moroccan tradesmen don't have this, and even larger entrepreneurs are reluctant to provide it.

As in France, it's also wise to keep proof of the payments to your contractors. Cheque stubs and the supporting bank statements are essential.

Do this and you could still get 'stung' for extra capital gains tax - just like we did. We honestly declared the full selling price - what good did that do us. They still stung us for CGT on the extra they said the property was worth. And ours was a villa we had built ourselves - after buying a plot of land. And one of us is a native speaker of the language. My advice after our nightmare is ''Don't buy!'' It's like a minefield for unsuspecting and naive foreign buyers. Everyone is out to rob you! Be warned.

 

[tetouan ted]

Tax

Local/ garbage tax is exempt for 5 years, however what agents do not tell you that unless its your main residency you will have to pay every year. The local authority will not send you a bill they simple add a fine to your amount each year.

I sold my apartment in May 2011 for what was a good price and better than most. I worked out how much capital gains tax I would pay, then was told that I needed to pay an extra 11500 dirham tax because some one in authority had decided that I had sold it to cheap. It appears that a log of all purchases is kept and that if you sell below the most expensive one then your taxed. There is no consideration for the position, condition or if it was sold furnished or unfurnished, JUST PAY UP!!!!!

Then the notery takes 5000 dirham for paying the taxes for me (so kind)

 

[Lee Filkins]

subject

These are the issues I had been warning buyers & forum users. If one thniks about it, why should the non resident pay for the garbage. They have not lived there & as such not created any rubbish.

 

[rainer1]

Tetouan Ted,

Can I clarify that? Are you saying that if I live in the UK and buy a holiday home in Morocco, I have to pay the garbage tax? The 5 year exemption doesn't apply to me?
What other taxes like this are there that I am not aware of? Why are we not told about them or even sent a bill asking for them> Why are foreigners in Morocco expected to just know what they should be paying? Where do I find all this out? And surely it is thye responsibility of the Moroccan Embassey in the UK to make sure that Uk buyers know about all these hidden taxes? Or should it be the British embassey in Morocco? Or even the developer who sells his product in the UK?

It's all making me very angry. Morocco certainly isn't an easy investment!

 

[Jazzyfizzle]

Tetouan Ted.. I,m in process of selling near Cabo Negro..its been a very difficult stressful time., although the property was paid by me and in my name, my ex husbands name was intially named on the contract, be warned any of you if come to sell you will be required to show proof to the notary you are divorced, your absolute will have to be legalised through British foreign office and then translated into french. When I was there to sign over the property, notary tried to overcharge me for estate agents fee as the document was in french. he then told me about the rubbish tax and his fee.. once home I received a further email advising me that there was also a "revision" tax as the authorities deem that black money has changed hands, althought everything was above board. I,ve been told by a Moroccan friend living in the UK the only way I can dispute this is to pay first then employ an accountant and go to the tax authorities.. I too bought off plan in 2005 although I have made a slight profit over £10k has gone in fees/taxes. anyone reading this be warned..

 

[Tangier]

Tax

Dont pay.... you will never get it back ....he is pulling all the stops out to get you to pay...and then walk away.thay must prove that black money was paid if you have all the paper work from the start you are ok ....

 

[Tangier]

Tax

Well its Morocco tax tax tax you pay.... no one will tell you that there is tax implications on owning a property in morocco.... i sold my house 5yrs ago after owning its 8 yrs i was told after 6yrs you pay no tax but then was told 8yrs after a long hard slog i only paid a small amount and would never invest in morocco again its sad ...but its down to YOU to do the homework no one else.....never would i buy again in morocco...

Just even to say that the property market is drying up in morocco lots of buildings going you but no-one to buy buildings have stoped half way...

 

[Heavenscent]

Tetouan Ted.. I,m in process of selling near Cabo Negro..its been a very difficult stressful time., although the property was paid by me and in my name, my ex husbands name was intially named on the contract, be warned any of you if come to sell you will be required to show proof to the notary you are divorced, your absolute will have to be legalised through British foreign office and then translated into french. When I was there to sign over the property, notary tried to overcharge me for estate agents fee as the document was in french. he then told me about the rubbish tax and his fee.. once home I received a further email advising me that there was also a "revision" tax as the authorities deem that black money has changed hands, althought everything was above board. I,ve been told by a Moroccan friend living in the UK the only way I can dispute this is to pay first then employ an accountant and go to the tax authorities.. I too bought off plan in 2005 although I have made a slight profit over £10k has gone in fees/taxes. anyone reading this be warned..

I had the same problem exactly.... I would be interested to know if the Notary you used has a very beautiful office... mine did and he was as bent as could be in ALL sense of the word - enough to make me think that there is a "link" to to the tax office in question who is demanding you pay extra tax?