1 / 15

FIBRAS

FIBRAS. 2005 2006 USE OR ENJOYMENT SALE SALE BUSINESS TRUST GOOD OPTION SALE REAL PROPERTY DEVELOPMENTS. TRUST. GRANTOR: THIS IS THE PERSON WHO CONTRIBUTES ASSETS OR RIGHTS TRUSTEE: THIS PERSON IS RESPONSIBLE FOR COMPLIANCE WITH PURPOSES OF THE TRUST BENEFICIARY OF THE TRUST:

anaya
Download Presentation

FIBRAS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FIBRAS 2005 2006 USE OR ENJOYMENT SALE SALE • BUSINESS TRUSTGOOD OPTION SALEREAL PROPERTY DEVELOPMENTS

  2. TRUST • GRANTOR:THIS IS THE PERSON WHO CONTRIBUTES ASSETS OR RIGHTS TRUSTEE: THIS PERSON IS RESPONSIBLE FOR COMPLIANCE WITH PURPOSES OF THE TRUST • BENEFICIARY OF THE TRUST: • THIS PERSON RECEIVES THE BENEFIT OF THE TRUST - IT CAN BE THE TRUSTOR HIMSELF

  3. TRUST • ARTICLE 318 GENERAL LAW ON NEGOTIABLE INSTRUMENTS AND CREDIT TRANSACTIONS • BY VIRTUE OF THE TRUST, THE TRUSTOR TRANSFERS THE OWNERSHIP OR TITLEHOLDER OF ONE OR MORE ASSETS OR RIGHTS TO A TRUST COMPANY, AS THE CASE MAY BE, TO BE DESIGNATED FOR LAWFUL, DETERMINED PURPOSES. THE TRUST COMPANY IS GIVEN THE RESPONSIBILITY OF CARRYING OUT THOSE PURPOSES.

  4. TRUST • ARTICLE 382 LGTOC (INITIALS IN SPANISH) • PERSONS HAVING THE NECESSARY CAPACITY TO RECEIVE THE BENEFIT IMPLIED BY THE TRUST CAN BE BENEFICIARIES OF TRUSTS • ARTICLE 384 LGTOC (INITIALS IN SPANISH) • ONLY PERSONS HAVING CAPACITY TO TRANSFER THE OWNERSHIP OR LEGAL TITLE OF THE ASSETS OR RIGHTS, SUBJECT MATTER OF THE TRUST, CAN BE TRUSTORS, AS THE CASE MAY BE, AS WELL AS THE JUDICIAL OR ADMINISTRATIVE AUTHORITIES WITH COMPETENT JURISDICTION THEREFOR

  5. TRUST • ARTICLE 386 LGTOC (INITIALS IN SPANISH) • ACCORDINGLY, ONLY THE RIGHTS AND ACTIONS RELATING TO THAT PURPOSE MAY BE EXERCISED, EXCEPT FOR: • THOSE EXPRESSLY RESERVED BY THE GRANTOR • THOSE DERIVED FROM THE TRUST FOR THE GRANTOR OR • THOSE ACQUIRED LEGALLY WITH RESPECT TO SUCH ASSETS, PRIOR TO THE CREATION OF THE TRUST BY THE BENEFICIARY OF THE TRUST OR BY THIRD PARTIES

  6. TRUST • ACTIVITIES CARRIED OUT THROUGH TRUSTS HAVE TAX EFFECTS: 1.- CONTRIBUTION OF ASSETS TO THE TRUST BY THE GRANTOR 2.- BENEFIT (YIELDS, EARNINGS) GENERATED BY THE TRUST AND RELIES ON THE PURPOSES OF THE TRUST 3.- THE PERSON RECEIVING THE BENEFIT WHO IS THE BENEFICIARY OF THE TRUST

  7. TRUST • FORMS OF CREATING REAL PROPERTY TRUSTS: • WHEN THE GRANTOR ALREADY HAS REAL PROPERTY AND WISHES TO CONTRIBUTE SUCH PROPERTY • WHEN REAL PROPERTY FOR LEASE OR SALE IS ACQUIRED IN THE TRUST • A COMBINATION OF BOTH • END:LEASE OR SALE • BENEFICIARIES OF TRUSTS WHEN THEY RECEIVE THE YIELDS, WHO CAN BE THE SAME GRANTOR OR BENEFICIARIES OF TRUSTS • A COMBINATION OF BOTH

  8. TRUST (ART.14 C.F.F.) I. CONTRIBUTION OF REAL PROPERTY TO THE TRUST • ALL TRANSFERS OF OWNERSHIP ARE SALES • THAT CARRIED OUT THROUGH A TRUST, UNLESS: • THE GRANTOR DESIGNATES OR BINDS HIMSELF TO DESIGNATING A BENEFICIARY OF THE TRUST OTHER THAN HIMSELF, PROVIDED THAT HE HAS NO RIGHT TO REACQUIRE THE ASSETS FROM THE TRUSTEE • THE TRUSTOR LOSES THE RIGHT TO REACQUIRE THE ASSETS FROM THE TRUSTEE IF THAT RIGHT HAD BEEN RESERVED

  9. TRUST II.INCOME OR RETURNS GENERATED BY THE TRUST HAVE TAX CONSEQUENCES - A TRUST IS NOT A FINAL TAXPAYER OF INCOME TAX - A TRUST HAS NO LEGAL PERSONALITY FOR TAX PURPOSES - IT ACTS FOR ACCOUNT OF TAXPAYERS

  10. TRUST • EFFECT IF THE TRUSTOR IS NOT THE BENEFICIARY OF THE TRUST AND DOES NOT RESERVE THE RIGHT TO REACQUIRE THE ASSETS FROM THE TRUSTEE • TAX SALE - VAT (IF APPLICABLE), INCOME TAX, ASSET TAX

  11. BUSINESS TRUST(ARTS.2 AND 13 LISR) • WHEN BUSINESS ACTIVITIES ARE CONDUCTED THROUGH A TRUST: • THE TRUSTEE DETERMINES TAXABLE INCOME OR A TAX LOSS IN TERMS OF TITLE II • BENEFICIARIES OF THE TRUST ACCRUES OR DEDUCTS TAXABLE INCOME OR THE TAX LOSS • THE TRUSTEE IS BOUND TO MAKING ESTIMATED PAYMENTS • THIS RESULTS IN A PERMANENT ESTABLISHMENT FOR NONRESIDENTS • INCOME FOR INDIVIDUALS FROM BUSINESS ACTIVITIES

  12. BUSINESS TRUST • EARNINGS RATIO • TRUST ACTIVITIES • WHEN THERE IS NO EARNINGS RATIO OR IN THE FIRST YEAR OF OPERATIONS • EARNINGS RATIO PROVIDED FOR IN ARTICLE 90 INCOME TAX LAW

  13. BUSINESS TRUST 1. GRANTOR FBENEFICIARY OF THE TRUST 2. GRANTOR FBENEFICIARY OF THE TRUST CONTRIBUTES LAND REVERSAL CLAUSE (A) TRUST (B) (C) $ A) NO INCOME TAX IS DUE (DEFERMENT) B) NO ASSET TAX IS DUE (DEFERMENT) C) DETERMINES INCOME AND/OR LOSS ESTIMATED PAYMENTS

  14. TRUST INCOME $200 LESS: DEDEDUCTIONS ACCRUED INCOME 100 CUMULATIVE INCOME I. TRUSTOR 50 50 THE BENEFICIARY OF THE TRUST II. TRUSTOR 50 BENEFICIARY OF THE TRUST THE TRUSTOR MAKES ESTIMATED PAYMENTS

  15. BUSINESS TRUST • ESTIMATED PAYMENTS MADE BY THE TRUST ARE REPORTED TO TRUSTORS, BENEFICIARIES OF THE TRUST, WHO WILL APPLY THEM BASED ON THEIR PARTICIPATION • TAX REGIME OF PREPAYMENTS

More Related